Manhattan Residential Sales Show Sharp Increases

Author:Bob Morris
Date:04/17/2012

The average sales price of a Manhattan apartment during the first quarter of 2012—$1,483,591— was up 9 percent over the same period in 2011, according to a report from Brown Harris Stevens. A leading factor in the higher average price was the steep increase in sales over $10 million, which were up 42 percent over last year.

The average price for cooperatives sold during the first quarter of 2011 was up 10 percent from a year ago, at $1,181,715. The average condominium price was $1,889,560, the highest average in three years, up 8 percent from a year ago with all size categories seeing an increase in price. There were 1,800 first-quarter closings reported at the time of this report, about 2 percent more than a year ago.

“The record-setting $88 million sale at 15 Central Park West, in which our firm was delighted to represent both the buyer and the seller, had a significant impact on this quarter’s report but it’s important to note that there were 16 additional transactions over $10 million that closed this quarter. Another sign of the improving residential market is that the number of sales was up 2 percent from the first quarter of 2011,” said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales. “New York City’s recovery continues to best most predictions and this combined with a stable inventory of available apartments makes me optimistic about the coming months.”

According to the report:

New developments accounted for 41 percent of all condo closings, up from 35 percent in the first quarter of 2011.

On the East Side, larger apartments did better with 2 bedrooms seeing an increase in average price of 3 percent and three bedroom and larger apartments seeing a 9 percent increase over the same period last year.

On the West Side, three bedroom and larger apartments saw a 58 percent increase over the first quarter of 2011 due in large part to the sale at 15 Central Park West. If this transaction is disregarded the average price for three-bedroom and larger apartments would be $4,384,461, 22 percent higher than a year ago.

In the Downtown market, the average condo price per square foot rose 4 percent over the past year to $1,241. Smaller apartments showed the biggest gains in average sales price with studios rising 12% over the first quarter of 2011 and one bedrooms up 11 percent.