Photo: Robert Clark
Manhattan’s overall market remained virtually unchanged from the previous month in May. However, the high-end or “luxury” condo submarket recorded the largest jump in the number of contract signings month to month in six months, according to a newly released report by New York City brokerage CityRealty.com.
The average price of a Manhattan apartment — including both condos and co-ops — remained unchanged from the previous month at $2.3 million in May. The number of transactions dipped slightly to 807 last month, down from 817 in April.
May’s sales volume totaled $1.9 billion, also unchanged from the previous month.
Some 401 Manhattan condos were sold in May at an average sale price of $3.3 million, down slightly from $3.6 million recorded the previous month. Over 50 percent of all condos sold were located in Downtown Manhattan, a hotbed of new construction activity, with sales totaling $711 million in May.
New construction condos had an average sale price of $5.7 million in May, down from $6.7 million the previous month. The number of sales rose to 133 last month from 116 recorded in April. The aggregate sales total of new construction condos was $752 million in May, says CityRealty.com’s data.
Meanwhile, 406 Manhattan co-ops sold last month. The average price of a Manhattan co-op increased to $1.4 million in May, up from $1.2 million the previous month.
With a shortage of inventory in Manhattan, buyers could be concerned of rising prices and heavy competition.
“It’s unlikely that prices will drop dramatically because of inventory. More likely, prices will remain steady and not rise, which is a change from the past few years,” CityRealty.com Director of Research Gabby Warshawer told BuzzBuzzNews.
Manhattan’s luxury condo submarket, or properties valued at $2,000 per square foot and above, recorded 106 contract signings in May, up from 75 recorded the previous month. This was a 41 percent increase, and the largest month-to-month jump recorded in six months, says CityRealty.com.
But it’s still too early to tell if Manhattan’s luxury submarket is warming back up after months of sluggish sales.
“It’s too early to say if the luxury submarket is warming up again, but there were clusters of contract signings at new and relatively new condominium developments that boosted the numbers this month,” Warshawer told BuzzBuzzNews.
May’s most expensive sale was actress Demi Moore’s 14-room penthouse triplex in the San Remo, which sold for $45 million. However, the sale price was reduced from the initial $75 million price tag. Despite the price reduction, it was the building’s most expensive sale to date.
The San Remo is a luxury co-op building located in Manhattan’s Upper West Side neighborhood a few blocks from the iconic Dakota building — John Lennon’s last New York City residence.
Click here to read the entire report.