Halstead Property

Mentioned in this Article:

Gregory J. Heym
Executive Vice President, Chief Economist

What Manhattan Downturn

Author: William Neuman

Date: February 12, 2006

HOLD onto your hats.

In a tally of 563 Manhattan apartment closings in January, Halstead Property reports that the average sales price reached its second-highest level since the firm began tracking monthly sales figures. The January average of $1.277 million was 17 percent higher than the average for the same month a year ago, and second only to the record of $1.332 million set last June.

The average suggests that the market, which had dipped, at least on the high end, after the June peak, picked up again near the end of last year. The median price of $750,000 was 11 percent higher than the same month in 2005.

Gregory Heym, the chief economist for Halstead, said the increase in the average is largely because of a jump in luxury sales. Among the apartments that closed last month were two condos that sold for more than $20 million, he said.

Sunday, February 12, 2006