The overall average sales price of a Manhattan apartment was $1,041,604 year to date, up 19.4% over the 2003 average of $872,160. This was the first year where the average sales price exceeded the one million dollar threshold. Median sales price and average price per square foot also showed double-digit gains of 14.2% and 15.3% respectively, setting records as well. An apartment today on average costs 2.5 times the $414,187 it did ten years ago.
The luxury market, which we define as the upper 10% of the overall co-op and condo market returned in force in 2004 after a relatively quiet 2003. Some of the largest gains were seen at the upper end of the market as buyers expressed more confidence in the future of the real estate in Manhattan. The average sales price of a luxury apartment was $3,867,151, up 23.9% over the 2003 average of $3,120,489. The average price per square foot and median sales price posted 12.7% and 26.7% increases respectively over the same period.
p>Like the overall market, co-ops saw an increase in prices in all of our indicators. Perhaps the defining characteristic of the market this year has been fewer sales as the availability decreased. Projected sales volume for 2004 is 4,969 units which is 10% below last yearâ?