Industry News

Manhattan real estate prices jump 13%

Median condo values hit $838,000 in first quarter

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Median sales prices for Manhattan cooperatives and condominiums increased 13 percent in the first quarter to $749,000 compared to first-quarter 2005, the Real Estate Board of New York reported today. The median price of condos gained 22 percent to $838,000 while the price of cooperatives grew 5 percent to $665,000 compared to first-quarter 2005. REBNY's Quarterly Residential Report incorporates sales data from Manhattan's largest brokerage firms and a group of smaller residential brokerage firms. East Side apartments had median sales price increases of 24 percent to $876,000 in the first quarter, compared to first-quarter 2005. This was the highest gain among all Manhattan neighborhoods surveyed. East Side condominium units had a 35 percent gain in median sales price, to $958,000. "The median sales data compiled for this report demonstrates that prices were rising at the start of the year, though not as dramatically as last year's price surges," said Steven Spinola, REBNY pre...