-Average Apartment Price $1,700,426-
New York, NY – June 30, 2014 – (RealEstateRama) — According to the 2014 second quarter Manhattan residential market report released today by Brown Harris Stevens, the average Manhattan apartment sale price of $1,700,426 was essentially unchanged from the first quarter of 2014 but up 19% from the second quarter of 2013. At $904,500, the median price, which measures the middle of the market and is less impacted by high-end sales, was just 5% higher from a year ago. The number of closings was up 9% to 2,694 from the second quarter of 2013 and 17% from the previous quarter.
At $1,240,747, the average price of cooperative apartments was up 12% from the second quarter of 2013 due in part to the $70 million sale of a Brown Harris Stevens listing at 960 Fifth Avenue. The average price for a condominium sold in the second quarter was $2,283,151, 26% more than the same period last year. The average price for new developments, which are usually condominiums, was $3,480,906 and their average price per square foot was $1,706 which was 14% over the second quarter of 2013 and pushed the overall average condominium price higher.
“We’ve had low inventory for over a year. Our current absorption rate is just 4.5 months when historically a rate of 6-9 months indicates a balanced market. Additionally, new development sales continue to drive prices higher; this quarter they are 13% higher than last quarter and 82% up over a year ago. However, if sellers push prices too high sales will decrease and listings will linger on the market. As always, homes that are properly priced for the current market sell,” said Hall F. Willkie, president of Brown Harris Stevens Residential Sales.
Report highlights include:
· This quarter there were 45 closings over $10 million, a 181% increase over the second quarter last year.
· Three bedroom and larger apartments experienced the biggest gains for any size category with co-ops up 26% over last year while condos rose 47% due in part to closings at One57.
· The average price per square foot for a loft was $1,453, up 14% over the same period last year.
· On the East Side, new development sales as well as the record sale for $70 million pushed the average prices higher with larger apartments seeing the biggest gains.
· On the West Side, all size categories saw an increase in average price and the $48 million sale of a Brown Harris Stevens listing at 15 Central Park West helped push the average price for 3+ bedrooms up 37%.
· The Downtown market also experienced a large increase in the average price of 3+ bedrooms. This was due in part to 2 new development sales over $25 million.
About Brown Harris Stevens
Brown Harris Stevens, established in 1873, is the premier provider of residential real estate services in New York. The company has offices throughout New York City, the Hamptons, and Palm Beach. Brown Harris Stevens offers more luxury residential exclusives than any other Manhattan firm, and serves as the exclusive affiliate of Christie’s International Real Estate Inc., a subsidiary of Christie’s International PLC, the world’s oldest fine arts auctioneer. For more information, please visit www.BrownHarrisStevens.com.