| 7-13-2004 |
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1 Rm, no view: $1
million
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Tight inventory, pickup on
Wall Street, lift average Manhattan apartment above $1M for
first time.
NEW YORK (CNN/Money) - The average price of a Manhattan
apartment has topped $1 million for the first time, according
to a new survey.
The average sale price for a Manhattan apartment rose to
$1.05 million in the second quarter, up 4.9 percent from
the first quarter and a whopping 20.9 percent from $866,970
a year earlier, according to New York-based real estate brokerage
Douglas Elliman and appraisal firm Miller Samuel.
The median price, or mid-point of prices paid, rose 7.8
percent from the previous quarter to a record $674,000, indicating
strong demand at the higher end of the market, the real estate
firms said in their report.
The median price in Manhattan was almost 4 times the average
U.S. median price for existing homes in May, according to
the National Association of Realtors.
Luxury apartments in Manhattan have been selling briskly,
boosted by a resurgence in the local economy, and a pickup
in pay and bonuses on Wall Street.
Shrinking inventories have also helped lift prices to record
highs, the firms said.
Although the number of listings climbed by 21.2 percent
to 5,211 in the second quarter, that's still 14 percent below
a year earlier, according to the survey.
It took about 105 days to sell a Manhattan apartment in
the second quarter, a week longer than in the prior quarter,
but shorter than the 142 days a year earlier.
The market also got a boost as mortgage rates fell to historic
lows along with interest rates.
 Email:
moun@moun.com |
