Condominium unit prices have not seen lasting gains in eight months, according to the RPX Monthly Manhattan Neighborhoods Report for April from Radar Logic, released today. Despite a price spike upwards in early March, increases were more than equaled by declines in late March and April, the report says.
Sales activity in April increased by 4.2 percent relative to the same period in 2010, but remained 15 percent below the average transaction count in 2007 and 20 percent below the average transaction count in 2004.
Manhattan’s most expensive neighborhoods retained their top spots by performing well in terms of price trends and sales activity in April. The most expensive neighborhoods were Chelsea/ West Village at an average of $1240,88 per square foot and Soho/Tribeca at $1229.33 per square foot.
Neighborhood price trends were mixed, with declines seen on the Upper East Side, in the Financial District, on the Upper West Side and in Soho. Prices increased in Midtown, Chelsea and the Lower East Side. — Katherine Clarke