RISMEDIA, Oct. 3, 2007-The Corcoran Group released its major findings from its third quarter 2007 (3Q07) market study for Manhattan and Brooklyn. In Manhattan, the study compares closed sales in 3Q07 to 3Q06 as well as 3Q07 to 2Q07. In Brooklyn, the study compares closed sales in 3Q07 to 3Q06.
Manhattan Sales
Market wide, the average price for an apartment in Manhattan in 3Q07 was $1.414 million, up 14% over 3Q06. After this quarter’s findings, the median sale price – the price most commonly paid by buyers – moved up to $895,000, a 5% increase over 3Q06. The price per square foot for an apartment in Manhattan in 3Q07 was $1,104, a 5% increase over 3Q06.
Cooperatives were up 10% in average sale price. On a price per square foot basis, co-ops were up 5%.
The number of condo sales was up 21%, while the number of co-op sales was up 22%. Market-wide there were 20% more deals.
3Q 2007 Manhattan Inventory decreased 16% from 3Q 2006.
Year over Year (3Q07 vs. 3Q06)
Market wide 3Q07 3Q06 Change
Average sale price $1.414 million $1.236 million 14%
Median sale price $895,000 $849,000 5%
Price per square foot $1,104 $1,047 5%
Number of deals 3,588 2,996 20%
Co-ops 3Q07 3Q06 Change
Average sale price $1.157 million 1.053 million 10%
Median sale price $695,000 $650,000 7%
Price per square foot $936 $889 5%
Number of deals 1,647 1,350 22%
Condos 3Q07 3Q06 Change
Average sale price $1.654 million $1.399 million 18%
Median sale price $1.145 million $995,000 15%
Price per square foot $1,216 $1,156 5%
Number of deals 1,857 1,541 21%
Quarter over Quarter (3Q07 vs. 2Q07)
In terms of comparing the third quarter to the second of 2007, the average sale price for an apartment increased 5%. The median sale price increased 2%. The price per square foot was up 2%.
The average sale price and median sale price for co-ops were up 7% and up 3% respectively. The price per square foot of co-ops moved up by 4%.
The average sale price for condos was up 3%. Median sale price increased 4%. The price per square foot for condos largely remained unchanged at $1,216 in 3Q07.
Market wide 3Q07 2Q07 Change
Average sale price $1.414 million $1.342 million 5%
Median sale price $895,000 $875,000 2%
Price per square foot $1,104 $1,083 2%
Number of deals 3,588 3,185 13%
Co-ops 3Q07 2Q07 Change
Average sale price $1.157 million $1,079,000 million 7%
Median sale price $695,000 $675,000 3%
Price per square foot $936 $903 4%
Number of deals 1647 1459 13%
Condos 3Q07 2Q07 Change
Average sale price $1.654 million $1.599 million 3%
Median sale price $1.145 million $1,100,000 million 4%
Price per square foot $1,216 $1,215 0%
Number of deals 1,857 1,635 14%
Brooklyn
In Brooklyn, the average price of an apartment was up 11%. The median price increased by 9%.
Year over Year (3Q07 vs. 3Q06)
Brooklyn 3Q07 3Q06 Change
Average sale price $679,000 $614,000 11%
Median sale price $608,000 $560,000 9%
Number of deals 484 377 28%
The Manhattan Sales Report is based on data collected from The Corcoran Group and Mitchell, Maxwell & Jackson.
The Brooklyn Sales Report is based on data provided by The Corcoran Group Brooklyn.
The Corcoran Group, a leading residential real estate brokerage company in New York City, operates 59 offices with 2,500 sales associates serving Manhattan, Brooklyn, the Hamptons, the North Fork, Shelter Island, Delray Beach Fla. and Palm Beach, Fla. The Corcoran Group, www.corcoran.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices.
For more information, visit www.corcoran.com.
