Photo: Robert Clark
Even though Manhattan home prices were down in September, homebuyers still weren’t buying.
Sales hit their lowest level in nearly six months, according to a report released Wednesday by New York brokerage CityRealty.com.
Over the last month, the average sales price of a Manhattan apartment — including both co-ops and condos — dropped from $2.1 million to $1.9 million in September.
The average condo price was $2.6 million in September, down from $2.9 million the previous month. At the same time, co-op prices dipped slightly to $1.3 million from $1.4 million.
New development condo prices slid from $4.3 million to $3.6 million in September, while the number of sales remained steady at 127.
Meantime, the number of sales fell to 935 in September, down from 1,264 recorded in August. Some 418 condos and 517 co-ops sold.
Total sales volume plummeted a whopping 31 percent monthly from $2.6 billion to $1.8 billion in September — the lowest of the year since April’s $1.7 billion total.
But the steep decrease in sales volume shouldn’t raise too many alarm bells just yet.
“It’s probably not indicative of a seriously ailing market but one in which there were fewer clusters of closings in expensive new developments,” CityRealty.com’s Director of Research Gabby Warshawer tells BuzzBuzzNews.
September’s top two sales both were in 432 Park Avenue on on famed Billionaire’s Row — a stretch of Central Park that is home to the city’s most expensive condos. The first was a $39.3 million four-bedroom unit with 5,241 square feet, and the second was a three-bedroom unit which fetched $27.9 million.
In the luxury submarket — properties priced at $4 million and above — 84 contracts were signed in October, totaling $533 million in sales. This was up substantially from the $361 million total sales recorded the previous month, although the number of sales was virtually unchanged.
The average price of a Manhattan luxury apartment was $6.4 million last month, up sharply from $4.6 million in September.
Click here to read the entire report.