Average Manhattan apartment prices jump in 3Q

Two reports out Monday afternoon about the Manhattan residential market show a steep increase in apartment prices for the third quarter of 2005. The average sales price for a Manhattan apartment increased 12 percent over the third quarter of 2004, to more than $1.13 million, according to a report from Halstead Property. The Corcoran Group, in its own report, puts the 12-month average sales price increase for a Manhattan condo at 19 percent, to nearly $1.5 million by the end of the third quarter, and for co-ops at 9 percent, to more than $1 million.