Report: Smaller units drive November sales

Smaller apartments continue to drive sales in the Manhattan housing market. Studio and one-bedrooms accounted for 63 percent of all housing sales in Manhattan during November, up from 57 percent in November 2004, according to a report released Wednesday afternoon by Halstead Property.

As sales increased on smaller units , so did prices. The median price of a studio on the East Side, according to Halstead, was $349,000, up 27 percent from last November. One-bedrooms on the East Side were up 14 percent year-over-year to a median price of $569,000. On the West Side, the median price of a one-bedroom hit $369,000, a 10 percent gain over November 2004; the median price of West Side studios remained unchanged, Halstead reported. The median price on studios Downtown increased 15 percent over last November to $377,000, one-bedrooms hit $595,000, an 8 percent gain. more