Manhattan Apartment Market Statistics

Below is summary of the first quarter Manhattan apartment market statistics with focus on condo apartments.



Link to my commentary as published in Fidelity and Thestreet.com:
Manhattan market statistics, Sales Jump, Price Bottom Over

Apartment inventory fell by 25% compared to a year ago while number of sales jumped 63% to 1,273 units during the first quarter.    The median price of a Manhattan condo apartment is $1.06 million, 13% lower than a year ago but 7% higher than the prior quarter.  Average price per square foot is at $1,154, 18% lower than last year.

Average condo apartment price:  $1.69 million, -22% compared to a year ago
Median condo apartment price:  $1.06 million, -13%
Average Price per square foot:  $1,154, -18%

Apartment vacancy rate:  1.5%

Median Manhattan condo apartment price by size:
Studio              $485,000
1 bedroom       $710,000
2 bedroom       $1.33 million
3 bedroom       $2.49 million
4 + bedroom    $ 5.65 million

Listing inventory fell 25% to 4,218 units while average days on market fell to 135 days, 24% lower than last year.  The absorption rate is at 9.9 months.

Manhattan apartment market statistics above is based on data by appraiser Miller Samuel, a key authority on the Manhattan market.

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