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 the month prior, price per square foot on new development condos rose 4 percent.
Manhattan saw fewer new development sales in August (120) compared to July (137).
September Monthly Market Report / CityRealty
With an average sales price of $5.2 million, new development sales yielded $627 million. The majority of new development sales fell Downtown, with 70 closings generating $353 million in revenue.
Neighborhoods with highest returns
Downtown and Midtown were the two highest grossing regions in Manhattan last month, the report says. Downtown apartment sales amassed $653 million in August, while Midtown generated $330 million in sales.
The average price per square foot in Downtown Manhattan reached $2,096, the highest across the borough. Midtown came in with the second highest price per square foot, at $1,897.
Compared to just a few months ago, the Upper West Side gained an edge for third most expensive neighborhood in price per square foot, landing near $1,700. Meanwhile, the Upper East Side dropped in the ranks to reach an average price per square foot under $1,600.
The most expensive sales in August were all located in Billionaire’s Row at 432 Park Avenue, currently the tallest residential property in Manhattan. Those three units sold between $22 and $31.6 million.
