Thursday, October 3, 2013

Brown Harris Stevens Reports Number of Manhattan Apartment Closings up 16% with Average Sales Price Up 8% from 3rd Quarter of 2012


Manhattan skyline
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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