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| Manhattan real estate market sees gains Fourth Quarter 2007 Prudential Douglas Elliman Manhattan Market Overview reveals that the overall Manhattan real estate market continued to see gains in most market indicators, consistent with the prior three quarters including increased price levels, increased number of sales and a decline in inventory as compared to the same period in 2006, despite weakness in other U.S. metropolitan markets. Price levels were generally up this quarter, with the greatest price gains seen in larger apartments, specifically 2-bedroom and 3-bedroom units with a 22.1% and 39.8% gain respectively over the same period last year, with a portion of the increase in price attributable to an increase in the size of the units actually sold. The median sales price increased 6.4% to $850,000 over the prior year quarter result of $799,000 (1.7% below prior quarter result of $864,397). The average price per square foot increased 18.2% to a record $1,180 over the prior year quarter result of $998 (3.1% above the prior quarter result of $1,144). The average sales price increased 17.6% to a record $1,439,909 over the prior year quarter result of $1,224,840 (5.1% above the prior quarter result of $1,369,486). The number of sales increased 3.2% this quarter to 2,518 units as compared to the 2,441 units sold in the prior year quarter. The median sales price of a condo this quarter was $1,100,000 this quarter, up 6.8% from last year at this time. Average price per square foot and median sales price showed 10.6% and 17.8% gains respectively from the prior year quarter reflecting higher price gains at the upper end of the market. The median sales price of a luxury apartment this quarter was a record at $4,300,000 this quarter, up 28.4% from last year at this time and up 8.9% from the prior quarter. Average price per square foot and average sales price showed similar 29.8% and 32.8% gains respectively from the prior year quarter. The median sales price of a loft apartment this quarter was $1,445,000 this quarter, up 3.6% from last year at this time. Average price per square foot and average sales price showed 18.3% and 11.3% gains respectively from the prior year quarter reflecting higher price gains at the upper end of the market. write your comments about the article :: © 2008 Construction News :: home page |