Industry NewsMarkets & Economy

Manhattan sales down, prices up in Q4

For-sale inventory rises 21.3%
Published on Jan 6, 2009

The sales volume of Manhattan co-ops and condos fell 9.4 percent year-over-year in the fourth quarter while the median sales price rose 5.9 percent to $850,000, according to a quarterly industry report. There were 2,282 Manhattan condo and co-op sales in the fourth quarter, compared with 2,518 in fourth-quarter 2007, according to the report, prepared by Miller Samuel Real Estate Appraisers for brokerage company Prudential Douglas Elliman Real Estate. The median sales price, meanwhile, rose from $850,000 in fourth-quarter 2007 to $900,000 in fourth-quarter 2008, a 5.9 percent rise. And the average sales price reached $1.49 million in the fourth quarter, up 3.1 percent from $1.44 million in fourth-quarter 2007. The average price per square foot increased 0.3 percent, from $1,180 in fourth-quarter 2007 to $1,183 in fourth-quarter 2008. Days on market, from the last list date, jumped 21.3 percent year-over-year in the fourth quarter and listing inventory rose 39.6 percent. The me...

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