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Manhattan Sales Prices Dip Report Says
By Tom Acitelli
Manhattan apartment prices dipped in April, according to a new report, revealing again that the borough's sales market isn't what it used to be. The average sales price for a Manhattan apartment dropped 3.5 percent from March through April to $1,236,287, according to the report released Thursday by Halstead Property. The median sales price dropped, too, in April, going down 1.9 percent to $722,500.
Both of these sales prices are well below the high mark of the housing boom seen last summer. In June 2005, Halstead put the median sales price of a Manhattan apartment above $800,000 and the average price at more than $1.3 million.
A first-quarter residential market report from appraiser Miller Samuel and brokerage Prudential Douglas Elliman, showed price gains for Manhattan apartments. But, inventory also shot up during the quarter -- 16 percent over the end of 2005, and 60 percent over the first quarter of 2006.
Thursday, May 11, 2006