TOWN Residential, New York’s leading luxury real estate services firm, is proud to share The April Recap, the latest in a series of monthly updates on residential sales trends and pricing across Manhattan.
During the month of April, the market registered an average sales price of $2.43 million and a median sales price of $1.74 million. In total, 575 properties were sold, 1,028 contracts were signed, and 1,579 new listings hit the market.
The market has registered renewed activity in the luxury market comprised of properties priced at and above $10M. The number of active listings in this category continues to grow each month; in April, 62 new listings hit the luxury market, following the 59 that debuted in March, the 46 in February, and the 37 in January.
Strong nationwide fundamentals are increasingly contributing to a strong real estate market, including increased new home sales, construction spending, building contracts, housing permits, and housing starts. With its lowest unemployment rate since 2007, the United States remains one of the top geographic regions attracting real estate investment around the world. New York City continues to emerge as a forerunner; currently, the city is welcoming a steady stream of new development projects in Brooklyn, the South Bronx, and Queens.
Examining the market by building type, the price of co-ops made up 46% of the price of condos. Since March, average prices across Manhattan decreased by 1.7%. Over the course of the same period, the condo market reflected an average price decrease of 1.5%, while the average price of co-ops increased by 1%. A year over year analysis of the Manhattan market reveals that the overall average listing price decreased by 5.3%; registering a 5.7% decrease for condos and a slight increase for co-ops.
Though reflecting a 2.1% decrease since March, the Downtown macro neighborhood again carried the highest average price across all apartment types at $3,064,899.