Photo: Robert Clark
Manhattan’s overall housing market experienced a downturn in January.
Both overall prices and sales were disappointingly down from the previous month, but the new construction condo market recorded the steepest declines, according to a new report released today by the listing site CityRealty.com.
Over the last month, the average price of a Manhattan apartment fell “substantially” from $2.3 million to $1.9 million in January. At the same time, the total number of sales dropped from 884 to 779.
"The decrease in average prices was partially attributable to there being fewer condo sales this month, because average condo prices are much higher than average co-op prices. However, the average prices for the condos that did sell were also $500,000 cheaper, on average, than they were in December," CityRealty.com’s Director of Research Gabby Warshawer tells BuzzBuzzNews.
While that's within the realm of typical month-to-month fluctuations, should average condo prices continue to be low for the next month or two, that will indicate a trend of a much cooler sales market, Warshawer says.
There were 331 condo sales and 448 co-ops sold in January, totalling $1.5 billion in sales. Manhattan condos averaged $2.8 million in January, while co-ops averaged $1.3 million.
"The marked decrease in number of sales in January came on the condo side of the market, rather than the co-op side: There were nearly 100 fewer in January than in December. It's something we'll be watching going forward but one month's data does not tell us that there is a deep chill in the Manhattan condo market," Warshawer says.
More dramatically, the average price of a new construction condo price plummeted from $6.9 million in the previous month to $3.9 million. The number of new construction sales also dropped month-to-month in January, from 88 to 68 recorded sales.
New construction condo sales totaled $247 million in February. Some 44 percent of all condo sales were in the Downtown submarket, totalling $110 million.
Also of note in the report, the average price per square foot decreased 17 percent from the previous month in January.
Meantime, in the luxury submarket, the number of sales rebounded slightly to a total of 62 in February, following a six-month low of 59 recorded the previous month — CityRealty.com defines “luxury” as any apartment priced above $2,000 per square foot.
The average price of a luxury Manhattan apartment was $7.3 million in February. Luxury sales totaled $461 million for the month.
February’s most expensive sale was a $30 million three-bedroom, eight-bath unit at The Heritage at Trump Place. The unit is combination of several apartments and spans over 10,000 square feet.
Click here to read the entire report.