A shrinking inventory of apartments for sale has sent prices through the roof in Manhattan, with the average sales price of condos and co-ops nearly doubling in a decade, from $450,048 in 1994 to $872,160 in 2003.
The 10-year Manhattan Market Report, released Monday by real estate appraisal services company Miller Samuel on behalf of Douglas Elliman residential real estate brokerage, also found that the average price per square foot for Manhattan condos and co-ops rose from $278 in 1994 to $686 in 2003, an increase of about 147 percent.
Average sales prices for Manhattan studios rose from $119,558 in 1994 to $286,568 in 2003, while average sale prices for one-bedroom co-ops and condos moved from $195,662 in 1994 to $461,086 in 2003. The number of sales of Manhattan co-ops and condos slumped from 9,094 in 2002 to 8,488 in 2003, and the 10-year high of 9,245 sales was set in 1999.
Meanwhile, the average size of apartments sold has declined for three years in a row, the study found. In 2003, the average size of Manhattan apartments sold was 1,271 square feet, compared with 1,621 square feet, on average, in 1994.
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