Halstead Property has just issued its 2Q14 Residential Manhattan Market Report showing that Manhattan apartment prices averaged $1.7 million in the second quarter, virtually unchanged from the first quarter’s record level, and 19% higher than a year ago.
Prices were kept elevated by a booming new development market, which posted a record average price of just under $3.5 million, combined with a record co-op sale and low inventory. The number of reported sales was 9% higher than a year ago.
The median price, which measures the middle of the market, fell 1% from the first quarter of 2014, but was 5% above 2013’s second quarter. This shows that most of the increase in the average price is due to the high end, as the middle of the market is rising at a much slower pace.
The most telling statistic on the strength of the luxury market is that at the time of our report, 45 closings over $10 million had been recorded. During the same time period in 2013, there were just 16, a 181% increase.
All sizes of co-ops saw their average price rise compared to 2013’s second quarter, led by a 26% gain in three-bedroom and larger units. Overall, the average co-op price of $1,240,747 was a 12% improvement from the second quarter of 2013. The average condo price of $2,283,151 was slightly below last quarter’s record level, but 26% higher than a year ago. New developments, such as One57-which had 4 closings over $30 million-pushed the average price 47% over the past year for three-bedroom and larger condos.
The full version of the report is available at the link below:
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