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.