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Residential: Sales Prices Rise 12% Citywide

An increase in Manhattan apartment prices helps to drive the numbers up in all five boroughs

By Paul Bubny | Updated on August 14, 2008

Average sales prices for all homes in New York City increased 12% year over year to $824,000 in Q2 2008 while apartment prices increased 21% to slightly over $1 million, according to a report from the Real Estate Board of New York. The report, released through REBNY’s website ResidentialNYC.com, covers sales of apartments as well as one-to-three family dwellings.

In Manhattan, average sale prices for all apartments increased 29% to $1,548,000. The increase in Manhattan apartment prices, particularly for condominiums, is driving the citywide rise in housing prices, according to REBNY. Citywide condominium sales prices increased 29% to an average of $1,316,000, while in Manhattan, average sales prices for condos increased 33% to $1,834,000. The figure for Manhattan tapers off to a 9% increase when sales at ultra-high end properties such as the Plaza and 15 Central Park West are factored out.

“In the midst of falling property values nationwide, prices are still rising throughout New York City, particularly for apartments, despite some declines among single-family homes,” says Steven Spinola, REBNY president, in a news release. “Manhattan average sales prices experienced substantial gains in the quarter and led to the citywide increases, but Brooklyn and Queens apartment average sales prices also saw increases, and are clearly retaining their value.” Brooklyn and Queens apartment prices rose 3% to $500,000 and 7% to $286,000, respectively, while condo prices for the respective boroughs increased 1% to $596,000 and 10% to $445,000 over 12 months.

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