Residential sales at market value were 493 in June, a 16 percent increase from a month ago and a 61 percent rise from the year-over-year period. Transaction volume was up 15 percent at $818 million, and up 68 percent from a year ago. The average sale price, at $1,659,602, dropped only 1 percent from May. The average square footage fell 8 percent from a month ago, from 1,386 SF to 1,278 SF. The average price per square foot increased 1 percent from last month and is up 2 percent from a year ago at $1,205.
| |
Jun 2009 |
May 2010 |
Jun 2010 |
1 year
change |
1 month
change |
| Total Sales |
307 |
425 |
493 |
+61% |
+16% |
| Volume |
$488 mil |
$710 mil |
$818 mil |
+68% |
+15% |
| Avg Price |
$1,588,098 |
$1,669,573 |
$1,659,602 |
+5% |
-1% |
| Avg sf |
1,227 sf |
1,272 sf |
1,268 sf |
+3% |
0% |
| Avg $/sf |
$1,151 |
$1,202 |
$1,170 |
+2% |
-3% |
Record low offering prices and mortgage rates continue to be the very pulse of market activity. Mortgage bankers and brokers have suggested a renewed willingness to soften lending requirements for mortgages issued to prospective homebuyers of new condos in Manhattan. Lenders such as private banks and private investors have seemingly become more willing to approve loans to buyers entering condos with as little as 25 percent of apartments sold. While prospective buyers seeking loan approval to assist their purchase will still find greater consideration when applying in a condo having 51 percent or more of apartments sold. Sales contract signings were also up during the second quarter, likely influenced by the April deadline for an $8,000 homebuyer tax credit, with the closing deadline now extended to September 30.
Average apartment price in June 2010
Attracting the greatest sales activity in June were condominiums South of 14th Street with 138 sales; Upper East Side, 96; Midtown East, 84; Midtown West, 80; Upper West Side, 75; and, properties north of 96th Street saw 20 sales. Two-bedroom unit sales soared in June with 160 sales; one-bedroom units had 146 sales; three-bedrooms, 84; studios, 74; and, units with four bedrooms or more received 29.