At Halstead, our goal is to present the most relevant market
data to our clients in the clearest possible way. With that in mind, we
have made some changes to our Manhattan Market Report. With luxury new
developments skewing pricing statistics in many areas, we are now separating
out new development and resale apartment data. Only the first page of our
report will include new development and resale apartments together.
The other report change is to our market areas. We have divided
the Downtown market in two, now presenting data from 34th to 14th Street, and
south of 14th Street. Finally, Midtown will now be reported as one market,
which enables us to present more comprehensive statistics for this area.
The average price for all Manhattan apartments was $1,675,021 in
the third quarter, 18% more than a year ago. While this is slightly below the
record level of 2014’s first quarter, it is the second highest average price
ever. Much this increase over the past year has been due to luxury activity, as
the median price rose only 3% during this time to $898,500. Lower inventory
combined with rising prices led to fewer sales than a year ago, with reported
transfers down 15%.
Resale apartment prices averaged $1,545,875, or 13% more than in
2013’s third quarter. Helped by a record-tying sale, the average resale co-op
price was 15% higher than a year ago, at $1,311,093. Prices for
previously-owned condos set a new record in the third quarter, reaching
$1,952,403.
Apartments in new developments sold for an average of
$2,672,066, a 43% jump from the third quarter of 2013. This figure was down
from the second quarter of 2014, as luxury closings declined. Downtown south of
14th Street accounted for 24.4% of new development closings in the third
quarter, the most of any area. This was helped by a large number of closings at
The Jefferson, at 211 East 13th Street.
The full version of the report can be found by clicking here.
