Real estate brokerage company Prudential Douglas Elliman, in a second-quarter Manhattan Market Overview released Tuesday, reported that the median sales price for Manhattan condominium and cooperative sales increased 1.7 percent while the average sales price dropped 3.8 percent compared to the same quarter last year.
The average sales price of studio co-ops and condos declined 1.9 percent in the second quarter compared to the same quarter last year, fell 1.7 percent for two-bedroom units, and increased 2.3 percent for one-bedroom units, 17.6 percent among three-bedroom units and 36.2 percent for units with four or more bedrooms.
The average sales price for studio units was $442,893 in the second-quarter, $741,267 for one-bedroom units, $1.63 million for two-bedroom units, $4.19 million for three-bedroom units, and $918 million for units with four or more bedrooms.
The report was prepared by Miller Samuel Inc., a residential appraisal company.
About 44 percent of second-quarter sales were for two-bedroom condos and co-ops, compared with 33 percent for one-bedroom units, 17 percent for studios, 5 percent for three-bedroom units and 1 percent for units with four or more bedrooms.
The average sales price of Manhattan condos and co-ops dropped from $1.39 million in second-quarter 2006 to $1.33 million in second-quarter 2007, and the median sales price rose from $880,000 in second-quarter 2006 to $895,000 in second-quarter 2007.
The average price per square foot was $1,139 in the second quarter, up 5 percent compared to second-quarter 2006, and the for-sale inventory declined 31.5 percent, to 5,237 units.
Price per square foot increased 10.7 percent among uptown for-sale units, to $630; 7.2 percent for downtown units, to $1,099; 4.3 percent for west side units, to $1,153; and declined 4 percent for east side units, to $1,134.
Condos and co-ops spent an average 117 days on market in the second quarter, down 18.6 percent compared with 144 days in second-quarter 2006.
While the median sales price of Manhattan condos climbed 5.1 percent and the average price rose 0.3 percent in the second quarter compared to the same quarter last year, the median sales price of co-ops dropped 3.7 percent and the average price dropped 11.2 percent.
Miller Samuel reported 1,595 co-op sales and 2,344 condo sales in the second quarter.
Meanwhile, Manhattan real estate brokerage firms Brown Harris Stevens and Halstead Property, in a report by economist Gregory J. Heym, announced a 7 percent rise in the average price and an 11 percent rise in the median price of Manhattan co-ops and condos in the second quarter compared to the same quarter last year.
The average sale price, according to this report, rose across the board for every size co-op and condo in the second quarter compared to the prior year’s quarter, and was up 18.3 percent for units with four or more bedrooms, 11.4 percent for studios, 10 percent for one-bedroom units, 5.1 percent for two-bedroom units and .06 percent for three-bedroom units.
The average price per square foot for Manhattan condos and co-ops increased from $999 in second-quarter 2006 to $1,122 in second-quarter 2007, a rise of 12.3 percent.