Photo: Robert Clark
Manhattan’s housing market picked up steam in April, just in time for the official start of spring homebuying season.
The number of sales inched upwards and prices jumped significantly from the previous month, while even the luxury submarket saw a marked increase in sales, according to a report earlier this week by the listing site CityRealty.com.
And, April’s surge isn’t likely to dissipate until after homebuying season is over.
“It is likely that April’s surge will continue through the home buying season. There was a lull in the number of sales for the first few months of the year, but it appears that sales volume is rebounding and it’s likely that will continue over the next few months,” CityRealty.com’s Director of Research Gabby Warshawer tells BuzzBuzzNews.
Over the last month, the number of Manhattan home sales rose to 820 from 807 in April. At the same time, the average price — including both co-ops and condos — increased to $2.3 million, up from $2.1 million the previous month.
The average price of a Manhattan condo was $3.5 million in April, up from $2.8 million in March. Co-ops averaged $1.3 million in April, down from $1.4 million the previous month.
The average price of a condo was $3.5 million and the average price of a co-op was $1.3 million. There were 388 condo sales and 432 co-op sales.
There were 388 condo sales and 432 co-op sales in April, totaling $1.9 billion — up from $1.7 billion recorded the previous month.
New construction condo prices averaged $2,112 per square foot this month, compared to $1,770 per square foot for non-new development condominium sales.
There were 115 new construction sales in April, up from 105 in the prior month. The average price rose to $4.3 million, which was up from $3.6 million the previous month. The aggregate sales total of new developments was $492 million.
The Manhattan building with the most aggregate sales recorded this month was The Four Seasons Private Residences, located at 30 Park Place in pricey Tribeca neighborhood, which saw $94 million in sales over four closings.
Downtown Manhattan dominated new condo sales, claiming 41 percent of all sales for a total of $541 million. Midtown slid into second place with 20 percent of all sales and $264 million in sales.
Meantime, in the luxury submarket — homes priced above $4 million — the number of luxury condo closings rose to the highest level since 2017 in May, with 82 units going into contract.
However, the aggregate value of luxury closings was down from the previous month, falling to $442 million from $601 million as a substantial portion of those contracts were in the lowest luxury price category.
“There were many more contracts signed between $2,000 and $2,400/per foot than at higher price segments in the luxury market. This lends credibility to the idea that Manhattan buyers have long been demanding ‘affordable luxury’ units. Those are the ones we saw go into contract this month,” Warshawer says.
May’s top sale was a unit in 432 Park Avenue, located on “Billionaire’s Row,” which went into contract for $28. 3 million, or $7,029 per square foot.
Billionaire’s Row is a stretch of several blocks along Central Park that is home to some of the tallest — and most expensive — condos in Manhattan.
Click here to read the entire report.