Markets & Economy

Average Manhattan condo sells for nearly $2 million

Median and average sales prices rose by 6 percent

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Two reports show that while condo closing volume declined in Manhattan by 10 to 20 percent during the second quarter, median and average sales prices rose by 6 percent to more than 11 percent spanning the past 12 months. The average Manhattan apartment sold for more than $1.8 million during the second quarter, which represents an 8 percent rise when compared to a year ago, according to a report released by Brown Harris Stevens, a New York-focused residential services provider. When compared to the first quarter of this year, the $1.8 million figure equates to a 2 percent decline. Data from The Elliman Report shows that the average sales price rose to $1.87 million, an 11.4 percent rise when compared to 12 months ago. Miller Samuel, a consultant/appraiser that creates the report, cited this average price as a record for the Manhattan market. The Brown Harris report shows Manhattan as having a median condo sales price of $955,000 -- a 6 percent rise from a year ago. ...