2nd Quarter 2007 Market Report - Manhattan

Real Estate Agent with Halstead Property, LLC

nyc skyline  The average sale price for Manhattan apartments set a new record in the second quarter, reaching $1,300,212.

This figure was 7% higher than a year ago. The median price also reached a new high, and at $840,000 was up 11% from the second quarter of 2006.

Demand for apartments has surged over the past few months, indicated in the 31% increase in the number of closed deals in the second quarter of 2007 from a year ago. At the same time, the supply of available apartments has fallen, which has led to sharp increases in prices.

At $1,132,726, the average sale price for co-ops was down 10% from the second quarter of 2006. Part of this decrease is due to an 8% decline in the average size of co-ops sold during this time. One segment showing particular strength were four bedrooms and larger coops, whose average price of $7,016,240 was 19% higher than a year ago.

Condo prices averaged $1,498,273 in the second quarter, 28% higher than a year ago and setting a new record. All sizes of condos posted higher average prices than a year ago led by studios, whose average price of $574,197 was 26% above the second quarter of 2006.


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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876

Hi Ross, I see this is your first post on Active Rain.  Congratulations!!  I just wanted to welcome you to our Real Estate Industry Network! 

Welcome aboard, I hope you'll continue to blog, and invite others.  Wishing you all the success this industry has to offer.


Below are some useful sites and groups you may want to visit right away:

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You can join any groups you have an interest in, or would like to learn more about.  Maybe Target Marketing, Real Estate Technology, or you can search All Groups, there are hundreds to choose from.

I hope you'll find these to be useful tools in helping you get started here on Active Rain.  You will meet many wonderful people here!! Again, welcome to Active Rain, the best place for your Blog!

Good Luck to you and your business!

BTW - what a great post and photo, thanks for sharing!!

Jul 07, 2007 07:18 PM #1
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