- Downtown Manhattan was home to the largest percentage of condo sales, comprising 46 percent of the market.
- The average sales price of a Manhattan condo was $2.2 million in the four weeks leading to September 1.
- New developments cost an average $2,480 per square foot in August, compared with the $1,695 for non-new condo sales.
CityRealty.com released its September Monthly Market Report for the Manhattan real estate market, finding home prices rose in the weeks leading up to September 1 and home sales dipped during the same period.
The average price for a place in Manhattan inched up to $2.2 million from $2.1 million the previous month, the report shows.
Condo and co-op sales together dipped from 1,086 to 923 monthly in August. CityRealty.com reports that while the market is pretty evenly split between the two (447 condo sales and 476 co-op sales), condos lead the charge in prices, with an average of $3.2 million over the average $1.3 million for a co-op.
Of all sales in August measured by CityRealty.com, the largest percentage was seen in Downtown Manhattan. Downtown was home to 46 percent of condo sales, totaling $653 million. Midtown had 23 percent, and the Upper East Side had 14 percent of total sales.
In the neighborhoods that comprise Downtown, Greenwich Village was the only that saw an increase (0.7 percent) in the 30-day price average. The biggest drop in price was reported in Chelsea, where the price average dropped 16.6 percent.
The Financial District and Upper West Side both saw increases in prices across the board. Midtown’s Murray Hill and the Upper East Side’s Carnegie Hill and Yorkville both reported falling averages.
New Manhattan developments
New developments in Manhattan are helping to add new high-end stock to the inventory, the report shows, but the high price tags may be a bit too steep. New development units were priced $2,480 per square foot in August compared with non-new condo units at an average of $1,695 per square foot.
These climbing prices in August were met with a downward trend for condo sales in new developments. The total for the month was 120, down from 137 the previous month.
The average sales price for units in new developments was $5.2 million in August, and the total aggregate sales was $627 million. Of the total condo sales in Manhattan, which was reported at $2 billion, new developments comprised 44 percent.