Correction: An earlier version of this article contained an incorrect headline. Sales were down 48 percent year-over-year in the first quarter while the median sales price rose 3.1 percent. We apologize for this error.
The number of Manhattan co-op and condo sales sank 47.6 percent year-over-year in the first quarter, with the median sales price rising 3.1 percent, according to a report prepared for Prudential Douglas Elliman Real Estate by real estate appraisal company Miller Samuel Inc.
Sales were down by the same amount (47.6 percent) compared to the prior quarter, while the median price was down 8.3 percent.
The price changes were dramatically different among new apartments (includes condos and co-ops) and previously owned apartments.
The resale median price ($675,000) dropped 20.8 percent year-over-year in the first quarter and was down 7.8 percent from the previous quarter, while the median price of new apartments ($1.51 million) rose 31.4 percent year-over-year in the first quarter and was up 19.4 percent compared to the previous quarter.
The average sales price ($1.83 million), meanwhile, was up 6 percent year-over-year in the first quarter and rose 22.9 percent from fourth-quarter 2008.
The average price per square foot, at $1,259, was down 2.3 percent year-over-year in the first quarter and up 6.4 percent from the prior quarter.
Days on market (170 days) increased 16.5 percent year-over-year for the first quarter and 7.1 percent from the previous quarter, and the listing inventory was up 34.3 percent year-over-year in the first quarter and up 15 percent compared to fourth-quarter 2008.
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