Tuesday, July 2, 2013

Even with Low Inventory, Number of Manhattan Apartment Closings Down Just 1% and Average Sales Price Down Just 3% from Second Quarter 2012




New York, NY, July 2, 2013 --According to the 2013 second quarter Manhattan residential market report released today by Brown Harris Stevens, the average Manhattan apartment sale price of $1,411,986 was down 3% from the second quarter of 2012.

The median price, which measures the middle of the market and is less impacted by high-end sales, was unchanged from a year ago - $850,000. With inventory still at low levels, the number of closings was down just 1% to 2,475 when compared to the second quarter of last year.

 The average price of cooperative apartments fell 11% when compared to the second quarter of 2012. This was due in large part to a significant drop in average price for 3-bedroom and larger homes. Condominium prices were up 4% to $1,879,253 with almost all size categories experiencing an increase in price.

Hall F. Wilkie
“With inventory near record lows, the market report doesn’t fully capture the level of activity in the market place,” said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales.

“Scarcity is an important issue, and when apartments are properly priced they are selling quickly. While there is great demand and small supply, buyers are reluctant to pay a price that is not justifiable,

 “Job growth remains strong in the City as does interest from both domestic and international buyers. This bodes well for a healthy market.”

 For a complete copy of the report and the  company’s news release, please contact:

Rachel Gonzalez,
 Rubenstein PR
212.843.9240

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