DataMarkets & Economy

Manhattan apartment sales average $2.2 million in August

New development condos maintained the lead, with an average price tag of $5.2 million
  • Manhattan sellers closed 923 units last month, down from 1,086 in July.
  • The average price for a Manhattan apartment jumped from $2.1 million in July to $2.2 million in August.
  • Downtown and Midtown were the two highest grossing regions in Manhattan for new development, resale condos and co-ops.

With autumn quickly approaching, activity is slowing for Manhattan apartment sales. While the number of sales tapered between July and August, average price lifted, according to CityRealty's monthly market report. Last month, Manhattan posted 923 total apartment sales, down from 1,086 in July, the report shows. Manhattan apartment sales amassed $2 billion in transaction volume, while average price jumped from $2.1 million in July to $2.2 million in August. Dividing sales by category, average sales price for condos came to $3.2 million in August. Per usual, co-ops averaged a less expensive $1.3 million. Number of sales across ownership category was fairly split – there were 447 condo sales and 476 co-op sales in the four weeks leading up to September. New development grows steeper Within new development condos, price grew to $2,480 per square foot in August, up 26 percent since last year. In comparison, resales averaged a much softer $1,695 per square foot. Compared to ...