The median and average sales price for Manhattan apartments set a new record in 2008, climbing 11 percent to $955,000, while the number of sales slipped 23.3 percent from its record level in 2007.

The annual Manhattan Market Report, prepared by real estate appraisal and research firm Miller Samuel Inc. on behalf of Prudential Douglas Elliman Real Estate and released this week, also reveals that for-sale inventory at the close of 2008 grew 40.9 percent compared to end-of-year 2007.

In 2008, the average sales price for Manhattan co-ops and condos rose 17.8 percent, to $1.59 million. Average days on market rose 14.4 percent, to 143 days, and the average discount on sales from the list price was 4.1 percent — larger than the 2.4 percent in the prior year.

Ranging from an average $993 per square foot for studios to $2,831 per square foot for apartments with four or more bedrooms, the overall average price per square foot of Manhattan apartments jumped 11.7 percent in 2008, to $1,251.

There were more sales of two-bedroom apartments (4,139) than all other types of apartments in 2008, the report states. And all apartment types experienced a sales decline last year except four-plus-bedroom apartments, with a rise from 169 sales in 2007 to 193 sales in 2008.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Prepare for this fall with top agents & brokers at Connect Now this Tuesday.GET YOUR TICKET×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription