Residential sales move briskly

The Real Deal

Vanessa Londono
June 25, 2007

The Manhattan residential market has plenty of spring in its step.

But as the season moves into summer, sales activity remains strong, especially among the priciest properties.

The number of apartments on the market in Manhattan has also risen, a seasonal increase that reflects the busiest time of the year. Newly developed condos are hitting the market in large numbers, but co-ops are in shorter supply.

The average first-quarter sales price of a Manhattan apartment rose 5.4 percent to $1.29 million, according to Jonathan Miller, president of appraisal firm Miller Samuel. The upward movement appeared to be continuing into late May.

Miller said he is seeing high-level activity across the market, but also "[particular] price pressure targeting upper-end properties."

Pricey properties are now harder to find.

"Listings are very tight in the top 10 percent of the market," said Miller.

Overall, Manhattan apartment inventory grew across the market in spring, but not as quickly as in previous years. Inventory traditionally rises in the spring, as many homeowners choose to place their properties on the market during that season.