Median sales prices for Manhattan apartments remained steady in the second quarter of 2006, with some areas seeing moderate increases, although not as robust as in previous quarters, the Real Estate Board of New York reported Tuesday.
The median sales price for Manhattan condos in the second quarter was virtually unchanged at $835,000, REBNY reported, while the cooperative median price inched up 1 percent from a year ago to $685,000.
REBNY’s Quarterly Residential Report incorporates sales data from Manhattan’s largest brokerage firms and a host of smaller residential brokerage firms.
The most sizable gains for the quarter were for East Side apartments, which climbed 5 percent to $870,000, led by East Side cooperatives, which had median sales prices jump 15 percent to $875,000. West Side condominiums also showed strength with median prices climbing 9 percent to $850,000.
Median sales prices per square foot for Manhattan condominium units increased 5 percent to $1,012, with East Side condominiums reporting the highest price per square foot — $1,050 — up 6 percent from second-quarter 2005.
Downtown condominium units registered a 6 percent increase in median sales price per square foot to $998.
Manhattan cooperative units had median prices per room increase 3 percent to $198,000, with the East Side registering the highest price and percentage increase of the five major market areas at $217,000, up 12 percent from second-quarter 2005.
Northern Manhattan apartments had the largest percentage increase in median sales prices, rising 14 percent $472,500, despite a smaller number of sales compared to other neighborhoods, with 104 total transactions in the quarter, REBNY reported.
REBNY, a real estate trade association, has about 11,000 members, including commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions with a professional interest in New York City real estate.
