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N.Y. condo sales up sharply

  

N.Y. condo sales up sharply

Prices see more modest increases

Inman News

Condo sales jumped 45.6 percent from the second quarter to the third, helping boost the median sales price of both new and resale units, according to a report prepared by the appraisal firm Miller Samuel Inc. for Prudential Douglas Elliman Real Estate.

The median price for a Manhattan condo grew by 1.7 percent from quarter to quarter, to $850,000, but was down 8.4 percent from a year ago, the report said.

Newly built condos were in greater demand than resale units, with the median price rising 7.6 percent from the previous quarter to $1.15 million, a gain of 1.3 percent from a year ago.

Sales of new condos accounted for only 22.2 percent of sales, however -- a two-year low -- and total condo sales were down 16 percent from a year ago.

The median price of resale condos was up 3.4 percent from quarter to quarter, to $750,000, an 8 percent decline from a year ago.

The 2,230 sales of both new and resale units represented a 45.6 percent increase from the previous quarter but a decline of 16 percent from a year ago. Days on market increased to 167, up from 162 in the second quarter and 134 a year ago.

The average price per square foot, at $996, was down 5.7 percent from the previous quarter and 16.5 percent from a year ago. Some sellers were also coming down significantly from asking price -- by an average of 7.6 percent from the last reported list, compared with 2.6 percent a year ago.

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