In May, Manhattan saw 599 condominium sales, an increase of 8% from April. The volume increased by 10% from April at 1,084 million. The average sale price increased by 2% at $1,810,074, as did the average square footage at 1,202 square feet. The average sale price also saw a considerable year change increase of 30%, while the average square footage saw a minimal year change increase of 5%. The average price per square foot saw an increase of 4% from April at $1,383, with a significant year change increase of 20%.
| |
Jun 2007 |
May 2008 |
Jun 2008 |
1 year
change |
1 month
change |
| Total Sales |
805 |
557 |
599 |
-26% |
+8% |
| Volume |
$1,121 mil |
$988 mil |
$1,084 mil |
-3% |
+10% |
| Avg Price |
$1,392,756 |
$1,774,215 |
$1,810,074 |
+30% |
+2% |
| Avg sf |
1,145 sf |
1,181 sf |
1,202 sf |
+5% |
+2% |
| Avg $/sf |
$1,148 |
$1,385 |
$1,383 |
+20% |
+4% |
While May sales brought increases across the board, residential permits in the city declined by 50 percent last month as compared to last year, according to the data released May 27 by the U.S. Census Bureau. The 60-day mortgage delinquency rate rose in all five boroughs in the first quarter, according to TransUnion.com, almost doubling 2.7 percent since last year. The first quarter marked the seventh consecutive quarterly increase in delinquencies, at their highest since TransUnion started to record data in 1992. New York State had the 28th highest delinquency rate in the country and TransUnion expects the rate across the nation to reach 4 percent by December.
For developers, some continue to strive against the current economy and the June 30 deadline for the 421-a tax exemption by appealing to buyers with a new pedigree of luxury amenities. Developers are beginning to offer social and cultural events as luxury amenities as an attempt to break the mold of now more anticipated amenities, such as volleyball courts and meditation rooms. The Avery, at 68th Street and Riverside South, is one of the first to break the mold with private performances scheduled by Lincoln Center dancers, vocalists, and musicians.
Dozens of developers on the opposite end across the city are putting their sites on the market although plans to build have already been approved. Many developers choosing this route are doing so after being significantly effected by a slowdown in overall sales, tightened lending practices, and more condominium inventory than can compete with the now unattractive time to build and purchase.
Average apartment price in May
2008
The greatest sales in May occurred at The Avery, 100 Riverside Boulevard, with a striking 40 sales. The Element at 555 W. 59th Street received 31 sales and The Gramercy Star at 340 E. 23rd Street received 26 sales. One-bedrooms saw 197 sales in May; 165 sales for two-bedrooms; 75 sales for three-bedrooms; studios received 79 sales; and, other bedroom sales including units offering four or more bedrooms received 83 sales. Upper West Side received 146 sales, Midtown West (142), South of 14th Street (118), Midtown East (100), Upper East Side (67), and North of 96th Street (26).