Summer sales reached a total of $564 million, up 11 percent from $508 million the same period last year, according to a new report by Corcoran Sunshine Marketing Group. There were 67 contracts signed for condos priced over $5 million, a 22 percent year-over-year increase — and this excludes the billionaire behemoth that is Extell Development’s One57.
About 3,230 contracts were signed this summer, for a 30 percent increase, according to Corcoran. Midtown West was the big winner when it came to new development sales in the third quarter, or July 1 through September 30; the median price reached $1,852,000, almost double from the same period in 2011 and up 30 percent from last quarter. A high concentration of high-floor transactions at The Setai Fifth Avenue and The Sheffield contributed to these price leaps. Median price increased in every bedroom category for an average $1,755 per square foot for the third quarter.
Downtown new developments continued the second quarter’s trend towards larger homes, with significant gains in two- and three-plus bedroom units. New Uptown condos reached a median price of $695,000 in the third quarter for a 43 percent annual increase, bolstered by closings at One Museum Mile and Fifth on the Park.
Sales volume for West Side new developments shifted to smaller units, resulting in an annual 23 percent decrease in median price. However, pricing was still up significantly in the third quarter, at $1,505 per square foot. East Side condos dipped in median price 18 percent from last year.
The Corcoran report didn’t include data for Midtown East, citing the lack of new development inventory, although that could change with the area’s rezoning, which even has historical churches rushing to cash in.