Manhattan’s luxury market is defined as the highest priced 10% of all co-op and condo sales. Pricing in the luxury market increased over both Second Quarter 2011 and Third Quarter 2010.
At $4.25 million, luxury median price increased 9% from last quarter and 4% from a year ago. At $1,947, average price per square foot increased 6% from last quarter and 8% from a year ago.
This positive growth was bolstered most notably by a pair of sales at or just over $30 million on Columbus Circle and Central Park South
Market-share by price category has remained relatively unchanged over the past year. Sales under $1 million accounted for 59% market-share in Third Quarter 2011. Sales in the $1 million to $2 million range saw a slight contraction and there was a slight expansion of sales over $5 million compared to a year ago.
As always, I will continue to follow closely sales activity and trends in Manhattan, and would welcome the opportunity to answer any questions about this report, the market in general or any questions about buying or selling real estate in Manhattan.