It’s official: Manhattan homes costlier than ever

New York /
Sep.September 26, 2013 06:06 PM

Manhattan home sale prices hit new heights in the second quarter of 2013, surpassing the pre-recession peak and jumping 10 percent since the second quarter of 2012, according to the most recent market report from New York University’s Furman Center.

The median sale price for a Manhattan condominium was just over $1.14 million, up from $1.06 million in the same period last year. That’s quite a bit pricier than in Brooklyn, where the average condo sold for $575,000. The citywide median for condos was $770,000, with the lowest median price tag at $131,500 in the Bronx.

Residential sales volume also grew across the city from the previous quarter, increasing 23.3 percent, to 8,045. Year-over-year volume grew most substantially in Staten Island, with an increase of 874 properties, or 26.3 percent over the previous quarter. The Bronx saw the smallest volume increase with 534 properties, or 8.8 percent.

Despite this growth, citywide foreclosures haven’t slowed. Filings across New York City have increased 37 percent since the second quarter of 2012,with roughly half of the affected one- to four-family and condo properties having already received a filing since 2005 — a trend that points to continued distress rather than homeowners entering foreclosure for the first time. There was an at least 20 percent increase in foreclosure filings in each borough, with Brooklyn and Staten Island seeing the largest year-over-year growth. — Julie Strickland

 

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