Photo: Robert Clark
Manhattan homebuyers got a bit of relief in July as prices fell.
But lower prices weren’t enough to entice some buyers as the number of sales dropped sharply, according to a new report released today by New York brokerage CityRealty.com.
The average price of a Manhattan apartment, including both condos and co-ops, dropped 9 percent from $2.3 million in June to $2.1 million in July. Manhattan condo prices fell to $2.9 million in July, down from $3.2 million the previous month.
Meantime, co-op prices inched upwards to $1.6 million in July from $1.5 million the previous month. Manhattan’s co-op market is showing signs of “healthy growth” indicating that homebuyers are seeking out more moderately priced homes, says CityRealty.com.
“The co-op market is looking very healthy in terms of average price and number of sales, so prices will likely become more competitive in coming months,” CityRealty.com’s Director of Research Gabby Warshawer tells BuzzBuzzNews.
Some 948 units were sold in July, down 21 percent from the previous month — condos accounted for 409 units while 539 were co-ops.
Sales volume totaled $2 billion for the month, down from $2.8 billion in June.
New construction condos sold for $3.9 million on average in July, down $4.6 million the previous month. The number of new construction condos sold fell from 156 in June to 106 in July. Downtown recorded the most new construction sales, followed closely by Midtown.
The price per square foot for new construction units dropped 8 percent from June to $2,074 — a new 12-month low, says CityRealty.com. The difference in price per square foot between new and non-new construction units was $314 in July, compared to $785 the same time last year.
The lack of strong sales in the new construction sub-market was partially responsible for July’s underwhelming sales total.
“The numbers in last month’s report underlined the extent to which closings in a large new development can affect the overall Manhattan numbers — over $100 million in sales were recorded at 56 Leonard Street in the August report. But there were no new developments this month that had such a high volume of closings,” Warshawer says.
July’s most expensive sale was the 16-room triplex unit at the Pierre Hotel, which sold for $44 million — 65 percent below the $125 million asking price four years ago. The penthouse occupies the 41st, 42nd and 43rd floors, has 23 foot tall ceilings and boasts 360 degrees views of Central Park.
Click here to read the entire report.