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| Manhattan skyline |
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| Hall F. Willkie |
New York, NY -- According to the 2013 third quarter Manhattan residential market
report released by Brown Harris Stevens, the average Manhattan apartment sale
price of $1,451,621 was up 8% from the third quarter of 2012. A 75% increase in
transactions over $10 million when compared to the same period last year pushed
statistics higher this quarter.
The median price, which measures the middle of the market
and is less impacted by high-end sales, rose 3% from a year ago to $870,000,
its highest level in over four years. While inventory is still at low levels,
the number of closings was up 16% to 3,240 when compared to the third quarter
of last year.
At $1,175,163, the
average price of cooperative apartments rose 11% when compared to the third
quarter of 2012. The average price increased for all size categories of co-ops,
with studio and 3+bedrooms experiencing the biggest increases. The average
price for a condo sold in the third quarter was $1,864,711, 9% more than the
same period last year.
“Although there has recently been a rise in inventory which
brought the current Manhattan absorption rate up to 3.5 months, scarcity
remains an important issue,” said Hall. F. Willkie, president of Brown Harris
Stevens Residential Sales.
“When apartments are properly and justifiably priced they
are selling quickly; the average time on the market this quarter was just 77
days, 29% less time than in the third quarter of last year,”
For a complete copy of the company’s news release, please
contact:
Katelyn Tumino
Rubenstein Public Relations
212.843.9318
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