REGIONAL SPOTLIGHT—According to the third quarter Manhattan residential market report released recently by Brown Harris Stevens, the average Manhattan apartment sale price of $1,437,302 was on par with last quarter and up just 1% from same period in 2010. As was the case with last quarter, this quarter sales over $5 million helped drive the average price higher. The median price, which measures the middle of the market and is not as impacted by high-end sales, fell 4% over the past year to $850,000. At 2,492, the number of reported sales was up 1% from a year ago.
The average price for cooperatives sold during the third quarter of 2011 was up 2% from a year ago, to $1,180,442, with the average price for 3-bedroom and larger co-op apartments rising 17% over the same period. The average condominium price was $1,756,744, up just 2% from a year ago with all size categories seeing an increase in price.
“Although the report shows that prices are up, this is due once again to an unusual number of sales at the high-end of the market. If we discount these high-end sales, I believe the average price in most categories would be largely unchanged from last quarter. As Manhattan continues to outpace the national economy, I expect that we will see a stable residential real estate market,” says Hall. F. Willkie, president of Brown Harris Stevens Residential Sales.
• On the East Side, the average sales price for 3-bedroom and larger apartments was up 29% due in large part to 5 sales over $20M this quarter. Last year at this time there was only 1 such sale.
• Sales at The Laureate of 3-bedroom and larger apartments impacted the West Side market; 3-bedroom and larger apartments were up 13% over last year and average condo price pre square foot was up 11%.
• Downtown prices were mixed over the past year, with most size categories seeing a small change expect three-bedroom and larger apartments which saw the biggest change as their average sales price was down 19% from a year ago.
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