Photo: Robert Clark
May was a strong month for home sales in Manhattan, with the number of units sold breaking the 1,000 mark for the first time in 9 months. Homebuyers were doubtlessly taking advantage of the respite from rising prices, according to a new report by New York brokerage CityRealty.com.
The average price of a Manhattan apartment, including both condos and co-ops, fell slightly to $2.2 million from the previous month in May. This was down from the $2.3 million recorded in April.
The number of units sold in May rose more than 34 percent to 1,084 from the previous month. Overall sales volume tallied $2.4 billion for the month, which includes both condo and co-op sales. This was up from $1.9 billion recorded in April. Closings at Tribeca’s 56 Leonard Street, which amounted to $108 million, accounted for 4.5 percent of the month’s total sales volume.
One of the reasons May’s numbers were so strong was a solid performance in the co-op market.
“One thing we’re noticing is a big uptick in co-op sales volume, with roughly 175 more co-op sales this month as compared to last. The trend is likely to continue given pent-up demand for “affordable luxury” inventory, a category many Manhattan co-ops fall into,” CityRealty.com Director of Research Gabby Warshawer tells BuzzBuzzNews.
The number of condos sold in May was 504, with an average price of $3.1 million — down from $3.3 million the previous month. Overall condo prices in Manhattan have been slowly but steadily declining month to month, according to CityRealty.com’s data.
Similarly, the average price of a Manhattan new construction condo continued its monthly decline in May, dropping 18 percent month-over-month from $5.7 million to $4.7 million. The number of new construction sales rose to 156 in May, up from 133 the previous month.
“The falling prices in new construction are probably largely attributable to fewer recorded closings in some of the most expensive newer buildings. For example, there was only one sale recorded at 432 Park Avenue,” Warshawer explains.
Meanwhile, 580 co-ops sold for month with an average price of $1.4 million in May. This was an increase of nearly 175 units from the previous month. However, pricing remained flat.
Using sales data from June 1st to June 30th, CityRealty.com says that the number of sales in Manhattan’s “luxury” condo submarket, or sales valued at $2,000 per square foot and above, dropped to 92 in June from 106 the previous month.
Luxury sales totaled $552 million in June, down from $590 million the previous month.
Click here to read the entire report.