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| Hall F. Wilkie |
New York, NY, April 2, 2013 -- According to the 2013 first quarter Manhattan residential market
report released today by Brown Harris Stevens, the average Manhattan apartment
sale price of $1,252,081 was down 16% from the first quarter of 2012.
The median price, which measures the middle of the market
and is less impacted by high-end sales, was down 5% to $780,000 over that same
period. Although inventory is at low levels and there was a rush to close at
the end of 2012, the number of closings was up 3% to 1,846 when compared to the
first quarter of last year.
Cooperative
apartments of all sizes saw lower average sales prices over the first quarter
of 2012. The overall average price of $925,815 was 22% lower than during the
first quarter last year with three-bedroom and larger co-ops posting the
biggest decrease in average price, down 31% from a year ago.
“With many buyers,
especially those on the high-end, rushing to close at the end of 2012, we
experienced a significant decline in high-end closings. This quarter’s
statistics were also impacted by the $88 million closing at 15 Central Park
West one year ago,” said Hall F. Willkie, president of Brown Harris
Stevens Residential Sales.
“As interest rates
remain low, the local economy is strong, and with inventory of available
apartments 30 percent below where it was a year ago, we continue to see a
healthy level of activity with well-priced homes selling quickly.”
Report highlights include:
· The average
time on the market until signed contract was 111 days, 14% less time than a
year ago.
· On the East
Side, all sized apartments saw a decrease in average sales price except
studios.
· The average
price on the West Side particularly for 3 bedroom and larger apartments was
impacted by the $88 million sale in the first quarter of 2012 at 15 Central
Park West.
· Downtown
studios and 2-bedrooms saw price increases while 1-bedrooms and 3-bedroom and
larger apartments experienced a decrease over the past year.
For a complete copy
of the company’s news release, please contact:
Rachel Gonzalez,
Rubenstein PR
212.843.9240 /
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