Manhattan’s residential market yielded 375 market-rate sales in January; a 21% increase from a year ago, while falling 21% from the rise reported in December. Transaction volume peaked at $603 million, dropping 29% from $853 million. The average sale price, at $1,607,510 in January, decreased 11% from both a month ago and the year-over-year period. The average square footage capped at 1,273, seeing no change from a year ago and dropping only 1% from December. The average price per square foot at $1,151 in January, decreased 4 % from December and 11% from last year.
| |
Jan 2009 |
Dec 2009 |
Jan 2010 |
1 year
change |
1 month
change |
| Total Sales |
309 |
473 |
375 |
+21% |
-21% |
| Volume |
$559 mil |
$853 mil |
$603 mil |
+8% |
-29% |
| Avg Price |
$1,809,189 |
$1,802,560 |
$1,607,510 |
-11% |
-11% |
| Avg sf |
1,275 sf |
1,282 sf |
1,273 sf |
0% |
-1% |
| Avg $/sf |
$1,300 |
$1,202 |
$1,151 |
-11% |
-4% |
While seeing a decrease in sales from the month-ago period, Manhattan continues to see increased activity with resales and bargain and sale transactions. Resale activity has been particularly high in the city's newer condominiums, namely those that saw an initial surge of sales upon breaking ground. The Platinum at 246 West 46th Street reportedly sold more than half their units in roughly six months after sales began in 2007. Today, StreetEasy.com reports little more than 160 units of 220 have closed, as well as offering more than 15-20 percent off list prices for some units. The Collection at 20 Pine Street has opted to offer units for either purchase or rental. The Orion, located at 350 West 42nd Street, has also seen many of its units up for resale over the past two years, resulting in considerable price cuts in the condominium's average resale price.
Jan 2010
Receiving the largest market share in January were properties south of 14th Street with 95 sales. Upper West Side received 83 sales; Midtown West, 77; Upper East Side, 53; Midtown East, 45; and, north of 96th Street finished with 22 sales. One-bedrooms finished with 146 market-rate sales; two-bedrooms, 111; three-bedrooms, 45; studios, 42; and, units with four bedrooms or more received 31 sales.