Sunday, April 14, 2013
Manhattan Condominium Report Q1 2013
Manhattan condominiums performed well in the first quarter of 2013. According to data by Miller Samuel, average price per square foot of $1,377 represented an increase of 4.6 percent compared to a year ago. Median price at $1.195 million was a 13.8 percent increase over last year. Inventory level decreased by 35.4 percent.
One-bedroom (median price $825,000) and two-bedroom ($1.58 million) apartments represented 34 percent and 35 percent of the total condo market mix respectively.
The average price per square foot of a condo at $1,377 is now a 49 percent premium over that of a coop at $925. Median condo price is 84 percent higher than the median coop price. It took a condo 130 days on the market to sell and this was a 37 percent decrease compared to a year ago, representing strong demand for condo inventory.
Wei Min Tan is a Manhattan broker focused on luxury condominiums and foreign buyers. He is Managing Director of Castle Avenue Partners.