Photo: Robert Clark
Manhattan’s home market was fairly static overall in October, with both sale prices and volume remaining virtually unchanged from the previous month.
But prices in both the luxury and new construction submarkets recorded sizeable gains, according to a report released yesterday by New York brokerage CityRealty.com.
The average price of a Manhattan apartment, including both condos and co-ops, remained unchanged from the previous month at $1.9 million in October. Manhattan condos averaged $2.7 million in October, up slightly from $2.6 million in September. Co-ops meanwhile averaged $1.2 million, down from $1.3 million.
The total number of units sold dipped slightly month-to-month from 935 to 924 in October. There were 410 condo sales and 514 co-op sales in October.
October’s sales total was $1.8 billion, also unchanged from the previous month.
But even though October’s prices and sales volume were nearly identical to the previous month, that might not mean that the market is truly static.
“We’re seeing a lot of changes in the mid-range price brackets that don’t affect the aggregates overall, but still indicate movement in the market,” CityRealty.com’s Director of Research Gabby Warshawer tells BuzzBuzzNews.
Meantime, new construction average price rose nearly 14 percent month-over-month to $4.1 million in October. But while prices were up, the number of units sold remained steady at 124 for the month.
The average price per square foot of new construction units fell 19 percent annually to $2,086. This is only slightly below $2,095 per square foot recorded the previous month.
And in November, the median price of a Manhattan luxury apartment, or units priced above $2,000 per square foot, jumped 25 percent to $5 million, while the average price rose from $6.4 million to $6.6 million in November.
“The luxury market has been dragging for some time, with the number of units over $2,000 per square foot at its lowest level in six months. So, while some indicators may have shown a jump this month, it doesn’t necessarily indicate that demand is increasing in the luxury market overall,” Warshawer tells BuzzBuzzNews.
Some 76 luxury contracts were signed in November, down from 84 the previous month.
And although prices were up, luxury sales totaled $504 million in November, down substantially from $533 million recorded in October.
Looking ahead, the market in 2018 might not be a record-setting year.
“A year or so ago we were seeing record highs in sales prices, and while we are expecting prices to remain very high, we don’t expect 2018 prices to be record-setting. One of the interesting things we’re seeing is that the highest price values to go into contract are in more seasoned condos, as opposed to in new developments,” Warshawer tells BuzzBuzzNews.
Click here to read the entire report.