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Multifamily: Bucking the Pricing Trend

Sale prices saw double-digit increases in 2007, but demand may soften as the city's job growth slows

By Paul Bubny | Updated on February 22, 2008

The New York City residential market defied national trends in 2007 by registering higher prices instead of declines, says a recent report from the Real Estate Board of New York. However, other reports hold out the possibility of softened demand in 2008 for both sale and rental housing.

Average sales prices for all homes, including cooperatives, condominiums and one- to three-family homes, increased 15% citywide to $732,000 from 2006 to 2007, according to REBNY’s ResidentialNYC.com report. The average sales price for all New York City apartments rose 11% in 12 months, a figure exceeded by Manhattan with an average sales price of $1.217 million, up 12% from a year earlier.

Data from Brown Harris Stevens indicated an even sharper year-over-year spike in Manhattan apartment prices, with the Q4 ’07 average of $1.43 million up 34% from Q4 ’06, including a 51% jump in condominium prices there. This rise in prices was offset somewhat by slightly fewer sales during Q4 ’07 compared to a year earlier, according to Brown Harris Stevens.

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