Industry News

Condo boom boosts Manhattan real estate market

Overall first-quarter sales down from year-ago level

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A 47.8 percent spike in condo sales since fourth-quarter 2005 boosted the Manhattan real estate market in the first quarter of the year, according to the latest Prudential Douglas Elliman Manhattan Market Overview. The total number of sales expanded 27.4 percent to 2,005 from the prior quarter, though the overall number of sales dropped 1.1 percent from first-quarter 2005, according to the report. Other findings in the report: The average sales price increased 7.1 percent to $1.3 million over the prior year quarter average of $1.2 million, and was 9.6 percent above the level in fourth-quarter 2005. The average price per square foot increased 10.3 percent to a record $1,004 compared to the $910 per square foot level reported in first-quarter 2005. The price per square foot was 0.2 percent above fourth-quarter 2005. The median sales price increased 17 percent to $825,000 over the prior year quarter median of $705,000, and represents an 8.6 percent gain over the prior ...