DataMarkets & Economy

Manhattan condo market report finds rising prices falling sales

CityRealty.com breaks down trends in condo sales across Manhattan's neighborhoods
  • 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 ...