Photo: Stiller Beobachter/Flickr
The sales price for Manhattan apartments remained unchanged at $2.1 million in July over the previous month, according to the new CityRealty monthly market report released today.
Although sale prices remained steady, the real estate consultancy reported that the number of units sold in Manhattan saw a marked increase. In July, 1,086 units were sold, which is up substantially from the 906 units sold the previous month.
The average sale price for Manhattan condos was $3.1 million while co-ops went for $1.3 million. There were 489 condo sales and 597 co-op sales, grossing $2.3 billion in combined sales.
New developments accounted for 28 percent of all condo unit sales, mostly downtown — 88 units for $441 million in reported sales.
Downtown was the highest grossing region, raking in 55 percent of sales or $829 million, followed by Midtown at 21 percent for $319 million in sales. The Financial District and Battery Park City (BPC) amounted for only 3 percent of sales for $51 million in sales, making it the lowest grossing region tracked by CityRealty.
The highest price per square foot was also seen downtown at $2,225 per square foot. Midtown trailed not far behind with an average of $1,761 per square foot. Conversely, the Financial District and BPC averaged about $1,300 per square foot.
Condo prices averaged $2,405 per square foot in new developments this month, compared to $1,691 per square foot for non-new development condominium sales, according to CityRealty.
While sales prices were up, the total number of new sales for new developments was down at 137 from the prior month’s 164 total recorded sales. The price per square foot of new apartments was 16 percent higher compared to a year ago and 6 percent higher than in June 2016.
The average price of a new condo in Manhattan was $4.9 million in July and the aggregate sales total of new developments was $668 million.
Read the full report here.