RISMEDIA, April 7, 2010—According to the first quarter market report recently released by Brown Harris Stevens, the average apartment price of $1,369,883 was up slightly from last quarter but down 9% from the previous year in Manhattan. The total number of closings recorded this quarter was up 92% when compared to the same period a year ago. The average price for cooperatives sold during the first quarter of 2010 was $1,079,195, up 11% from a year ago. Co-ops sold in this quarter were on average 12% larger than a year ago. At $1,730,415, the average condominium price was down 9% from a year ago.
“It is important to acknowledge what the 92% increase in the number of closings over the last year reflects. The first quarter of 2009 was dramatically impacted by the collapse of Lehman Brothers, and the number of transactions was at their lowest point,” said Hall. F. Willkie, president of Brown Harris Stevens. “As we come out of the recession, we have seen a steady growth in activity and in the average sales price achieved. Although these values remain down, it is encouraging to see that sales are taking place at a healthy rate.”
Additional results include:
-Apartments sold in the first quarter of 2010 were on the market for an average of 119 days, which is unchanged from the same period last year. Sellers received 96.2% of their last asking price during the quarter; this was the third straight quarter this figure has risen.
-Over the last year, the average price per room on the East Side was down 4% for prewar co-ops and 2% for postwar co-ops. On the West Side, closings in new developments helped bring the average condo price per square foot up 3%. The average price per room of West Side postwar co-ops also saw an increase; this figure was 8% higher than during the first quarter of 2009.
-The average price per room rose 7% over the past year for prewar co-ops and 5% for postwar co-ops in the Midtown East market.
-The only size category Downtown that saw an increase in average price over the past year was 3-bedroom and larger apartments.
For more information, visit www.BrownHarrisStevens.com.