Photo: Fredrik Rubensson/Flickr
The average sales price of a Manhattan apartment, including both condo and co-op sales, climbed to $2.2 million in August, up from $2.1 million price recorded in July, according to a new monthly market report published today by CityRealty.com.
While prices rose month-over-month in August, the number of sales dropped to 923 from the 1,086 reported sales the preceding month.
Manhattan gross residential sales totaled $2 billion in August. The average price of a condo was $3.2 million, and 447 units sold. Meanwhile, co-ops had an average sales price of $1.3 million and 476 units were sold in August.
Downtown remained the highest grossing region tracked by the real estate data site, totaling $653 million and 46 percent of all Manhattan condo sales. Midtown remained behind Downtown, with 23 percent of condo sales and $330 million in sales.
Downtown also again had the highest price per square foot, $2,096 per square foot, followed by Midtown with the second highest, $1,897 per square foot according to CityRealty.com’s data.
Condos in new developments averaged $2,480 per square foot, a 26 percent year-over-year increase and a 4 percent month-over-month increase. New development condo prices rose to $5.3 million in August, up from $4.9 million in July.
The total number of new development condos sold in August was 120 units, down from the 137 units sold in the preceding month.
Interestingly, the top three sales recorded in August were all condos in Billionaire’s Row’s 432 Park Avenue, and totaled nearly $84 million. The units were between three and four bedrooms and all three were over 4,000 square feet. They sold for $31.6 million, $30.1 million and $22 million.
You can read the entire CityRealty.com report here.