Prices for Manhattan Apartments Continued to Edge Upward in 2010

Prices for Manhattan apartments continued to edge upward in the fourth quarter of 2010, as their average sale price of US$1,432,787 was 8% higher than a year ago, reports Brown Harris Stevens, the Christie's Great Estates exclusive Affiliate in Manhattan, New York. This marked the sixth straight quarter that the average price has risen.

While the number of recorded transactions fell 25% from a year ago, the fourth quarter of  2009 was uncharacteristically busy due to pent-up demand after the collapse of  Lehman Brothers had frozen the market earlier that year. 

The average co-op price continued to rise sharply, as more buyers favored larger apartments compared to a year ago. Condo prices averaged $1,751,219 during the fourth quarter, 1% higher than a year ago.  

To read the complete report, visit Brown Harris Stevens.