RISMEDIA, Oct. 3, 2007-While housing sales across the nation continue to decrease, Manhattan sales are setting new records. According to the 3rd Quarter Market Report released by Halstead Property, the average sale price set a new record at $1,319,370, increasing by 26% from a year ago and eight percent higher than the prior quarter. In addition, Halstead Property reported a new record median price of $815,000.
“Manhattan real estate market remains in high demand – especially luxury apartments. The number of sales over $10 million last more than doubled compared to a year ago. In addition, two luxury developments, 15 CPW and The Plaza, began to close which drove condominium prices to new record levels.” stated Diane M. Ramirez, President of Halstead Property.
Recognized as the most comprehensive market report in the industry, the 3rd Quarter Market Report from Halstead Property also noted the following:
– Condo prices averaged $1,606,219, a new record and 38% higher than a year ago. This number was inflated somewhat due to a 14% increase in the average size of apartment and significant closings at luxury developments.
– Co-op sales prices increased from a year ago, averaging $1,055,753 which reflects a 10% increase. Of particular note were two-bedroom co-ops which posted the biggest improvement with the average price rising 12% to $1,284,901.
– Prices averaged $1,214 per square foot in new developments during the third quarter, an increase of 13% from last year.
– Listings sold faster this quarter with an average time on the market of 86 days, a 7% decline from a year ago. In addition, sellers received 97.8% of their asking price which is up slightly from last year.
– On the East Side, the average price for four-bedroom and larger apartments rose 17% from a year ago to $6,600,294, the highest increase of any size category.
– West Side prices also rose sharply over the past year, with all sizes of apartments fetching higher prices. The largest gains were for three-bedroom and larger units, whose average price was 46% higher than during the third quarter of 2006.
– Larger apartments were also in demand Downtown, as the average price increased 58% for three-bedroom and larger units. Increased activity in developments, which comprised 40% of all sales in this market, fueled this increase.
– In Northern Manhattan studio apartments were in high demand, as their average price of $286,516 was 16% higher than a year ago.
The Halstead Property market report is compiled with data from ValuExchange, a proprietary database containing the largest collection of closed sales data in Manhattan.
For more information, visit www.Halstead.com.
