Average price tops $1M in 2Q

By Stuart W. Elliott | October 15, 2007 02:41PM

Several reports on second quarter apartment sales in Manhattan showed the average sales price of a Manhattan apartment breaking through the $1 million threshold.

The Douglas Elliman Manhattan Market Overview, prepared by appraisal company Miller Samuel, showed average prices up 4.9 percent over the record $998,905 average set in the first quarter. Prices were up 20.9 percent over the year before.

The second quarter–which included a frenzied market in April and lower activity in May and June–was also characterized by an increase in the number of sales and a return to more normal levels of inventory.

There were 2,031 sales, up 11.3 percent over the prior quarter. The number of listings jumped 21.2 percent to 5,211, compared to 4,299 listings in the first quarter, the report said. At the onset of the quarter, apartment inventory was at its lowest level in more than two years.

Another report, by the Corcoran Group, found buyers paid an average $1.23 million for condominiums and close to $900,000 for co-ops in the first half of 2004.

Those prices represented an increase of 38 percent for condos and 19 percent for co-ops compared to a year ago, the report said.

Brooklyn saw a 16 percent increase in average sale prices compared to the year before, the report said. Increases were especially significant in Boerum Hill and Fort Greene, where average sale prices grew by 30 percent.

Another report by Brown Harris Stevens also found that apartments in Manhattan crossed the $1 million mark, reaching an average of $1,052,435 during the second quarter.

Cooperative prices jumped 20 percent during the three months of the second quarter, and condo prices jumped 12 percent during that period, the report said.