The average sale price of Manhattan apartments hit about $1.483 million in the first quarter, up 9 percent year-over-year, as the number of closings grew 2 percent to 1,800 first-quarter closings total for both co-ops and condos.
Reports from an area real estate firm show a 42 percent increase in the number of sales over $10 million compared to the same period last year, according to Multi-Housing News. Like apartments, condos experienced an 8 percent increase in average price, which rose to $1.889 million. This was the highest average posted in three years, and was supported by increased prices for units of every size. While cooperatives sold for an average price of $1.181 million, that represented 10 percent growth year-over-year.
MHN notes that 41 percent of the reported condo closings were new developments. Rental property management companies and investors might be interested to note that units of different sizes performed better in different parts of the metro area. In the Downtown market, smaller apartments posted stronger gains in sales prices, while larger apartments did better on the East Side. Analysts from the firm told the news source that the city's recovery is continuing to improve on predictions.