Tuesday, April 6, 2010

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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