Manhattan Residential Sales Prices Down 5% from Previous Quarter but Unchanged from a Year Ago

 Manhattan Average Apartment Price $1,364,733

           

 NEW YORK, NY--:According to the first quarter market report released today by Brown Harris Stevens Residential Sales, the average Manhattan apartment sale price of $1,364,733 was down 5% from last quarter and nearly unchanged from same period in 2010.

 This is the first quarter of declines after six consecutive quarters in which the average sales price rose in Manhattan. At 1,769, the number of reported sales was down 23% from a year ago.

 The average price for cooperatives sold during the first quarter of 2011 was down just 1%, to $1,070,229, from the first quarter of 2010. The average condominium price was $1,745,464, up just 1% from a year ago.

 “Prices remained essentially steady when compared to the first quarter of last year, but we did see a decrease in activity,  said Hall. F. Willkie (top right photo), president of Brown Harris Stevens Residential Sales.

“Many home owners decided to sell last year to try and take advantage of Bush-era tax cuts that were set to expire.

“As we see a steady increase in job growth in Manhattan and the general economic outlook continues to improve in New York City, demand for housing will remain strong. At the same time, low inventory will continue to be a factor,”

The median price, which measures the middle of the market, fell 4% from a year ago to $787,500.

On the East Side, two-bedroom apartments posted a large gain in average price, 16%. This is the second consecutive quarter two-bedrooms saw a large gain.

The East Side was the only market where prices increased over the past year for both prewar and postwar co-ops as well as condos.

The average price per room for Midtown West prewar co-ops fell sharply because studio units comprised nearly half the sales in this market.

Downtown prices fell for all size categories except two-bedrooms.

Brown Harris Stevens, established in 1873, is the premier provider of residential real estate services in New York.  The company has offices throughout New York City, the Hamptons, North Fork and Palm Beach.

Brown Harris Stevens offers more luxury residential exclusives than any other Manhattan firm, and serves as the exclusive affiliate of Christie’s International Real Estate Inc., a subsidiary of Christie’s International PLC, the world’s oldest fine arts auctioneer.

 For more information, please visit http://www.brownharrisstevens.com/

 Contact: Jennifer Little, 212.843.8364, jlittle@rubensteinpr.com