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Average Sale Price of Manhattan Apartments Increases 36% From Last Year

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RISMEDIA, July 3, 2008 -Despite dismal national trends, the real estate market in Manhattan remains strong with the average apartment price rising 36% from a year ago to $1,663,533, according to the Second Quarter Market Report released by Halstead Property. Even the median price, which is not impacted by the high-end sales, hit a new record of $979,000 during the second quarter of this year, reflecting an increase of 23% from a year ago.

“The market remains steady in Manhattan, as high-end sales continue to impact the sales statistics. 15 Central Park West and The Plaza were a defining factor in the city’s average sale price – but even with without the sales at these two new developments, the average sale price would be $1,485,784. This number would still be an increase of 21 percent from the second quarter of 2007 – our market is healthy and the numbers prove it,” said Diane M. Ramirez, president of Halstead Property.

Key statistics from Halstead Property’s Second Quarter Market Report include:

- The average cooperative sale price dipped slightly from last quarter to $1,292,652, yet the new average price still reflects an increase of 22% from the second quarter last year.
- The average condo price rose 38% from a year ago, to $1,975,695. Without the sales figures at high-end developments, The Plaza and 15 Central Park West, the average condo price would be $1,656,210, a figure that is still 16% higher than a year ago.
- Closings in new developments accounted for one third of all closings in the second quarter and the average price per square foot was $1,421, a 17% increase from last year. The average price per square foot for lofts was $1,170 during the second quarter.
- Apartments sold in the second quarter spent an average of 90 days on the market and sellers received 97.5% of their asking price.
- The Eastside boasted average sale price increases for all size categories, led by a 29% increase in three-bedroom units. Four-bedroom and larger units followed closely with a 26% increase.
- On the Westside, all size categories posted double-digit increases in the average sale price. The most significant increase was the four-bedroom and larger units with a 69% increase, most likely reflecting closings at 15 Central Park West.
- In the Downtown market, the average sale price rose 10% for both studios and two-bedroom residences. The only size category to decline was the three-bedroom and larger units, which dropped 5% to $2,920,798.
- The median price for lofts in the Village area increased by 63% from the same time last year.
- Every size category in Northern Manhattan posted increases in average sale price with three-bedroom and larger units posting the largest gain, with an 86% increase to $1,298,446.

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 2,988 reported Manhattan apartment sales, the Halstead Property Market Report provides one of the largest and most comprehensive surveys available on the real estate market.

For more information, visit www.halstead.com.

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