Photo: Robert Clark
Manhattan’s housing market continued to heat up in May, but the market’s overall temperature remained cooler than last year at the same time.
The number of sales increased significantly from the previous month as prices dipped slightly, but the sales total remains well below last year’s, according to a report released last week by the listing site CityRealty.com.
Over the last month, the average price of a Manhattan apartment — including both co-ops and condos — decreased to $2.2 million from $2.3 million in May. Prices have held mostly steady over the last several months, with only slight fluctuations recorded.
“The market is healthy right now and year-over-year volume for the past couple of months is similar to last year but the first few months of the year saw far fewer sales than last year,” CityRealty.com’s Director of Research Gabby Warshawer tells Livabl.
Warshawer says that this explains why volume is down overall for the first six months compared to last year.
At the same time, the number of sales rose markedly to 923 in May, up from the 820 recorded the previous month. There were 412 condo sales and 511 co-op sales in May.
Manhattan condos averaged $3.1 million, while co-ops sold for an average of $1.5 million in May.
Sales were up in May, totaling $2 billion — which was up from the $1.9 billion recorded the previous month. However, May’s figure was substantially below the $3 billion sales total recorded last year at the same time.
Some 42 percent of all condo sales in May were located in the white-hot Downtown submarket, which amounted to $532 million in new condo sales.
Midtown also remained a hot submarket in May, accounting for 23 percent of all new condo sales.
New construction condos averaged $4.4 million in May, up from the previous month’s $4.3 million price tag. The number of new condo sales in May dropped to 92 from the previous month’s reading of 115.
New construction sales totaled $403 million in May, which was down sharply from the $492 million recorded in April.
May’s most expensive sale was a 6,240-square-foot four-bedroom unit at One57 on Billionaire’s Row, which sold for $53 million, or an impressive $8,649 per square foot.
One57 also saw the most aggregate sales in May, totaling $78 million over just two closings.
Looking ahead, CityRealty.com doesn’t expect Manhattan’s housing market to change too dramatically during the summer months.
“The market is on a steady course right now and we don’t expect it to jump or dip dramatically over the summer,” Warshawer says.
Click here to read the entire report.