Manhattan apartment prices continued to set
records partly due to the heavy volume of new
development closings that went to contract 12-
18 months ago. Re-sale activity, representing
81.5% of the market showed second quarter
market conditions more clearly and so a re-sale
section has been added to this report. Median
sales price for re-sales was unchanged at
$945,000 from the same period a year ago while
the other price indicators showed mixed results.
Re-sale average price per square foot set a new
record of $1,453, up 13.8% and re-sale average
sales price fell 10.6% to $1,496,233 respectively
over the same period. The number of re-sales fell
9.4% to 2,231 as the number of new development
closings surged 138.2% to 505 respectively
from the same period a year ago. Like sales and
price trends, listing inventory showed disparity
in re-sale and new development trends…