Manhattan condos see sales slowdown

Sales summary for the last 12 months. Click chart for larger version. (source: Yale Robbins)

The Manhattan condo sales market showed a steady monthly and year-over-year decline, according to data compiled by Yale Robbins, a real estate publisher and database resource. The number of sales in November 2009, the most recent month for which the data was available, hit 371, down 9 percent from the previous month’s sales total, and down 10 percent year-over-year, according to Yale Robbins’ Condo Sales Report. The Manhattan condo report, which was compiled using the company’s database of approximately 3,300 condos and co-ops, showed that the average sales price of Manhattan condos in November was $1.49 million, down 18 percent from the month before when the average price hit $1.81 million, and down 11 percent from November 2008, when the average sales price was at $1.67 million, according to the report. Also looking at the sales data, the Real Estate Board of New York’s report, released this week, which included quarterly, not monthly data, put the average sales price of Manhattan condos in the fourth quarter at $1.67 million. TRD