Photo: Robert Clark
Manhattan apartment sales edged higher in June following a strong showing during the previous month. This increase occurred despite a slight bump in prices, according to a newly released report by New York brokerage CityRealty.com.
The average price of a Manhattan apartment, including both condos and co-ops, rose to $2.3 million in June from $2.2 million the previous month. Prices were back up in June, after falling from April to May, says CityRealty.com.
There were 1,207 Manhattan apartments sold in June, up from 1,084 the previous month. This marked the second consecutive month the number of units sold breaking the 1,000 mark, after falling below it the previous nine months.
June’s volume totaled $2.8 billion in sales, up from $2.4 billion the previous month. Sales volume has been steadily on the rise since the beginning of this year. The month’s top sale was a 7,779-square-foot four-bedroom, four-and-a-half bath condo in Tribeca’s 56 Leonard for $48 million.
Some 564 condos were sold in June at an average price of $3.2 million — up from 504 and $3.1 million the previous month. The number of new construction condos sold in June was 156, unchanged from the previous month. The price per square foot for new construction condos was $2,248 in June, the lowest it has been in over a year.
The number of co-ops sold in June rose to 634 from 580 the previous month, with an average price tag of $1.5 million — barely changed from May.
Meantime, based on July’s sales data, the number of contracts signed in the luxury market fell for the second consecutive month. Some 79 luxury units, or units priced at $2,000 per square foot and up, were sold in July, down from 92 the previous month. July’s sales were also 25 percent below May’s high of 106, says CityRealty.com.
Luxury sales volume dropped for the second consecutive month, totalling $514 million, down from $552 million the previous month.
Despite the consecutive months of falling sales, CityRealty.com’s Director of Research Gabby Warshawer says it’s too early to call it a trend.
“July is a big holiday month, so it’s not hugely surprising to see a dip in luxury contract signings, and May and June were strong for luxury contract volume. If the number of contracts continues to fall over the next few consecutive months, it will be fair to characterize it as a trend, but we’re not there yet,” she tells BuzzBuzzNews.
Click here to read the entire report.