Residential sales at market value were 517 in July, a 5 percent increase from a month ago and a 36 percent jump from the year-over-year period. Transaction volume grew 6 percent at $867 million, up 53 percent from a year ago. The average sale price, at $1,677,928, increased only 1 percent from July, with a 12 percent gain from a year ago. The average square footage, at 1,293 SF in July, increased 2 percent from a month ago and 8 percent from last year. The average price per square foot dropped 1 percent from last month, while increasing 3 percent from a year ago.
| |
Jul 2009 |
Jun 2010 |
Jul 2010 |
1 year
change |
1 month
change |
| Total Sales |
379 |
493 |
517 |
+36% |
+5% |
| Volume |
$566 mil |
$818 mil |
$867 mil |
+53% |
+6% |
| Avg Price |
$1,492,382 |
$1,659,602 |
$1,677,928 |
+12% |
+1% |
| Avg sf |
1,196 sf |
1,268 sf |
1,293 sf |
+8% |
+2% |
| Avg $/sf |
$1,122 |
$1,170 |
$1,161 |
+3% |
-1% |
Currently, developers are doing all they can to keep sales activity high. Developers are aware that buyers are seeking lower priced properties within our economic climate and are consistently offering smaller apartments at a determined value. By lowering sale prices, developers increase the probability of prospective buyers receiving mortgage approval under federal and bank loan guidelines. As well, buyers seeking luxury or larger units are often accommodated with newly combined apartments, further enabling developers to rid themselves of excess inventory.
Average apartment price in July 2010
Seeing the greatest activity in July were condominiums South of 14th Street with only slightly fewer sales than last month at 133; Midtown West, 101; Upper East Side, 98; Midtown East, 69; North of 96th Street, 59; and, the Upper West Side received 57 sales. Two-bedroom unit sales continued to dominate the market seeing 184 sales; one-bedroom units, 164 sales; three-bedrooms, 61; studios, 64; and, units with four bedrooms or more received 44.