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Manhattan Transactions Growth Nearly Stalled in July but Prices Rose Significantly

The first two quarters of 2010 saw a big increase in the number of closed apartment sales in Manhattan compared to the same quarters in 2009. The average year over year rate of closed transactions each month was 75.8% higher for the first six months of the year.

However that monthly increase almost disappeared in July. in July 2010 there were just 1.9% more transactions than July 2009. The number of closed apartment sales was just above the 1,000 mark. Not all the sales closed in July 2010 have been recorded yet, but we estimate less than 50 additional sales to be recorded in the coming weeks.

Manhattan-Sales-Trend-July-2010

The median sale price however, was the highest in 16 months. Apartments in Manhattan closed at a median sale price value of $887,500 in July 2010, a 19.7% appreciation over the same month last year.

Manhattan-Apartments-Median-Sale-Price-2010The highest price paid for an apartment in July 2010 was $25 million for a duplex at 115 Central Park West, owned by TV host Conan O’Brien, while the second most expensive was a penthouse at the Plaza that sold for $23.4 million to a casino developer, according to the Wall Street Journal.