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 president, in a statement.
Downtown condominium units registered the highest median sales price, at $1.08 million.
East Side and Mid-Manhattan cooperative units registered the highest percentage increase for cooperatives, with median sales prices up 13 percent compared to last year. The East Side also had the highest overall median price for cooperatives at $799,000, REBNY reported.
The price per square foot grew 21 percent to $1,036, for Manhattan condo units, 31 percent to $510 for Northern Manhattan condo units, and 25 percent to $1,061 for East Side condos. Median room prices for Manhattan cooperative units rose 13 percent to $196,000.
Compared to first-quarter 2005, East Side median room prices were up 18 percent to $210,000 in first-quarter 2006, the highest price and percentage increase of the five major market areas.
REBNY, a real estate trade association, has about 11,000 members, including commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions with a professional interest in New York City real estate.
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