CityRealty released its Monthly Market Report earlier this week, indicating New York City apartment prices dropped slightly in early 2016 while number of sales increased. Both condo and co-op sales in Manhattan reached $2.1 million, a slight dip from $2.2 million in December. However, the number of sales grew from 862 in December to 1,020 in January.
Per usual, average sales prices on co-ops were lower than condos, the report says. Condos came in at an average price of $2.7 million, while the average price for a co-op was a cool $1.4 million. Demand was fairly dispersed across property type, with 542 condo sales and 478 co-op sales in the month of January.
In total, Manhattan reached $2.1 billion in gross sales in January. The most expensive transaction was in a co-op on the Upper East Side just opposite the Central Park Zoo. A two-bedroom, four-bathroom apartment in a Rosario Candela-designed building closed for $30.5 million. Second on the most expensive list was located in The Greenwich Lane, a multi-building development at 140 West 12th Street. PH8 is a 4,027 square-foot unit with three bedrooms and 3.5 bathrooms that sold for $26 million last month. Another unit also closed last month at the same building for $21.2 million, featuring five beds, 4.5 baths and listing 5,304 square feet of space.
Downtown took the highest portion of condo sales in Manhattan, with 42 percent market share and $429 million in sales. There were 28 total sales in Chelsea, 26 in Tribeca, 24 in Flatiron/Union Square, 20 in Greenwich Village, 14 in West Village and six in SoHo.
Midtown had $279 million in sales last month and 22 percent of Manhattan’s total sales. The third highest in the region was the Upper West Side, with 17 percent of sales. The Upper East Side brought in $168 million in sales and comprised 13 percent of Manhattan’s total sales. The Financial District/BPC came in last, with 6 percent of the borough’s market share and $62 million in sales.
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The 30-day price per square foot average dropped in all neighborhoods except for SoHo and West Village, where 8.5 percent and 4.5 percent increases occurred, respectively.
The highest average price per square foot in Manhattan was in Downtown, again, where apartments cost $2,172 per square foot in January. Second to Downtown was Midtown, with apartments costing $1,788 per square foot last month.
How did these numbers stack up to 2015 grand totals? It’s the first month of the year, but take a look at some of 2015’s overall highlights for comparison:
- Average sales price for condos and co-ops in 2015 was $1.9 million — a 9 percent increase from 2014
- Median price for condos and co-ops in 2015 was $790,000 — a record 8 percent increase from 2014
- Total # of sales in 2015 (projected based on November data) was 12,700
- Total sales revenue in 2015 was $24 billion (projected)
View more data and trends, both monthly and yearly, from CityRealty here.
