In July, Manhattan saw 778 condominium sales, an increase of 17% from June. The volume also increased by 11% at 1,325 million. The average sale price decreased 5% at $1,702,713, while the average square footage decreased by 8% at 1,180 square feet. The average sale price increased 11% from a year ago at $1,538,572, while the average square footage was maintained at 1,180 from last year. The average price per square foot saw a 1% increase from June at $1,326.
| |
Jul 2007 |
Jun 2008 |
Jul 2008 |
1 year
change |
1 month
change |
| Total Sales |
899 |
665 |
778 |
-13% |
+17% |
| Volume |
$1,383 mil |
$1,196 mil |
$1,325 mil |
-4% |
+11% |
| Avg Price |
$1,538,572 |
$1,798,229 |
$1,702,703 |
+11% |
-5% |
| Avg sf |
1,181 sf |
1,284 sf |
1,180 sf |
0% |
-8% |
| Avg $/sf |
$1,214 |
$1,310 |
$1,326 |
+9% |
+1% |
In years past, summer in the city has brought great returns for Manhattan real estate. This year, however, industry professionals are noting open house attendance as hit or miss. Properties priced at market-rate have been noted as doing considerably better than those even slightly overpriced. Sales data prepared by appraiser Miller Samuel for Prudential Douglass Elliman revealed an increase in discounted list prices. According to Samuel, the contrast between the list price and the final selling price rose from 3.2 to 3.6 percent between the first and second quarters of 2008. Properties are remaining on the market for longer periods due to what is being labeled within the industry as “price sensitivity”. Greater concern about the offering price and estimated monthly common charges and taxes has resulted in properties selling more swiftly after considerable price deductions, or staying on the market for several months before selling. With buyers interested in receiving greater price cuts, brokers continue to adapt creatively with the market. For some brokers, such an example includes offering bicycle tours of homes to those interested in trading high traffic and gas prices for more bike-friendly communities.
Average apartment price in July
2008
The greatest sales in July occurred at 20 Pine Street with 61. Chelsea Stratus, located at 101 W. 24th Street, received 34 sales. The Avery, at 100 Riverside Boulevard, received 33 sales. One-bedrooms received 248 sales in July; two-bedrooms saw 234 sales; three-bedrooms saw 67 sales; studios received 105 sales; and, other bedroom sales, including units offering four or more bedrooms, received 124 sales. South of 14th Street saw 235 sales; Midtown West (187); Midtown East (132); Upper West Side (133); Upper East Side (71); and, North of 96th Street (20).