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Manhattan Average Apartment Price Hits New Record

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RISMEDIA, April 3, 2008-Demand for high-end real estate continues to buoy the market in Manhattan as the average apartment sale price hit a new record of $1,690,995 in the first quarter of 2008, according to Halstead Property’s First Quarter Market Report. The new record represents an increase of 47 percent from a year ago. The median sale price, which is more reflective of the current market, also set a new record at $855,000, rising 13% from the first quarter 2007.

“The closings at luxury developments 15 Central Park West and The Plaza have obviously had a large impact on the first quarter numbers. Without the sales at these two condominiums, the overall average apartment price would have been $1,417,496, which would have reflected a gain of 23 percent over last year and that is still a substantial increase. Overall, the luxury market is incredibly strong – the number of apartments sold over $10 million increased 318% from the first quarter of 2007,” said Diane M. Ramirez, president of Halstead Property.

Halstead Property’s First Quarter Market Report also noted the following:

Increasing 34 percent from a year ago, the average cooperative price set a new record at $1,333,431. The size category with the largest increase was the four-bedroom and larger cooperatives, which rose 86 percent to just under $13 million.

The average condo sale price jumped 52 percent from a year ago, due to closings at 15 Central Park West and The Plaza. Without these sales figures, the average price would have been over $500,000 lower.

The average sales price on the East Side rose sharply in all categories from the first quarter 2007, with four-bedroom or larger units leading the way with a 53 percent increase to $13,615,118.

All size categories on the West Side posted increases in the first quarter of 2008, the most significant increase being in three-bedroom units which increased 90 percent due to 15 Central Park West.

Downtown followed the same pattern as the West Side with all size categories posting an increase in average price. The largest increase was in the three-bedroom and larger category which rose 21 percent from a year ago to $3,243,000.

In Northern Manhattan, the average sales price increased in all size categories fueled by activity in new developments. Again, three-bedroom and larger units posted the largest gain, with a 57 percent increase to $1,501,328.

New construction continued its strength in the Manhattan market, with the average price per square foot rising 27 percent over the past year to $1,473.

Apartments were on the market for an average of 90 days, which is 8 percent less time than a year ago. Sellers received 97.5 percent of their asking price for sales closing during the first quarter of this year.

The Halstead Property market report utilizes data provided by ValuExchange, which is a proprietary database containing the largest collection of closed sales data in New York. Based on 2,857 reported Manhattan apartment sales, the Halstead Property Market Report provides the largest and most comprehensive survey available on the real estate market.

For more information, visit www.Halstead.com.

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