Co-op Sales Remain Steady in February as Condo Sales Drop
April 2, 2015 — We already know that February condo sales hit a historic low, but how did co-op sales fare? CityRealty, which provides end-to-end service for prospective apartment buyers and in-depth analysis of the New York real estate market, has crunched the numbers in its April 2015 monthly market report. Let's take a look at some of the highlights.
In the four weeks leading up to March 1, the average price for an apartment — taking into account both condo and co-op sales — was $1.5 million, a 21 percent decrease month-over-month.
The average price of a co-op, $1.2 million, was flat month-over-month. The total number of apartments sold was also virtually unchanged month-over-month, inching slightly up to 785 closings from 783. Meanwhile, the average price of a condominium decreased to $1.9 million, a 35 percent drop from the $2.9 average in the prior reporting period.
The relative decline in high-end closings had an outsized effect on the overall Manhattan apartment price average, with the average price of the five most expensive sales dropping from $31 million to $13 million.
Downtown was the highest-grossing region in Manhattan, with $188 million in condominium sales. Midtown was the second highest-grossing area, with $172 million in sales.
While downtown was the highest grossing and most expensive area at an average $1,739 per square foot, Battery Park City saw the largest month-over-month increase, going from $1,224 per square foot to $1,333 per square foot.
To download the report, click here.
Photo by Rik Lee.