AgentMarkets & Economy

Manhattan transaction volume rises in early 2016

Sales prices dip in first month of the year
  • Per usual, average sales prices on co-ops were lower than condos, the report says.
  • Downtown took the highest portion of condo sales in Manhattan, with 42 percent market share and $429 million in sales.
  • The 30-day price per square foot average dropped in all neighborhoods except for SoHo and West Village, where 8.5 percent and 4.5 percent increases occurred, respectively.
  • The highest average price per square foot in Manhattan was in Downtown, again, where apartments cost $2,172 per square foot in January.

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CityRealty released its Monthly Market Report earlier this week, indicating New York City apartment prices dropped slightly in early 2016 while number of sales increased. Both condo and co-op sales in Manhattan reached $2.1 million, a slight dip from $2.2 million in December. However, the number of sales grew from 862 in December to 1,020 in January. Per usual, average sales prices on co-ops were lower than condos, the report says. Condos came in at an average price of $2.7 million, while the average price for a co-op was a cool $1.4 million. Demand was fairly dispersed across property type, with 542 condo sales and 478 co-op sales in the month of January. In total, Manhattan reached $2.1 billion in gross sales in January. The most expensive transaction was in a co-op on the Upper East Side just opposite the Central Park Zoo. A two-bedroom, four-bathroom apartment in a Rosario Candela-designed building closed for $30.5 million. Second on the most expensive list was located ...