Photo: Ed Ivanushkin/Flickr
While the average price of a Manhattan apartment remained steady in December 2016, the number of sales rose over November. The increase comes after several months of lagging sales, according to a new market report by the real estate data site CityRealty.com.
Manhattan apartments, including both condos and co-ops, sold for an average price of $2.3 million in December, unchanged from the previous month. Manhattan condos sold for an average of $3.3 million, while the average price of a co-op was $1.3 million in December.
The number of recorded sales rose to 868 in December, up from the 746 sales recorded in November — 439 were condo sales and 429 were co-op sales.
Nearly 50 percent of all December’s Manhattan condo resales were Downtown. Midtown Manhattan also still proved popular with homebuyers — it accounted for 23 percent of December’s condo sales.
The average price for new construction condos dropped month-over-month to $5.5 million in December. Meanwhile, the number of new development sales rose to 133 in December, compared to the 101 recorded the previous month. The price per square foot of new development condos soared to $2,519 per square foot — which is 27 percent higher than last year, but only 1 percent less than November’s price.
The month’s top sale was $45.8 million and $7,344 per square foot for a condo in One57, which is located on famed “Billionaire’s Row” — a stretch of 57th Street which is home to some of the most expensive condos in Manhattan.
The gross sales total for December was $2 billion, up $300 million from the previous month.
CityRealty.com Director of Research Gabby Warshawer oberserved that while the total number of sales in December 2016 was up from November, sales were down compared to the same time the previous year — dropping from 1,020 to 868.
Warshawer added that while prices were generally up, co-ops proved to be an exception to the trend, with the average price dropping to $1.3 million from $1.4 million in December.
Click here to read the entire report.