Manhattan condo prices hit 2010 peak in late October: RadarLogic
Manhattan Condo prices started to decline in November after hitting what appears to be their peak for 2010 in late October, according to RadarLogic’s RPX Monthly. Prices dipped 2.9% on a month-over-month basis to $1,038 per square foot on Nov. 30, but are up 10.7% over year-ago figures. The price has been on an upward trend since hitting four-year lows in May 2009, increasing 12.4% from $932.42 per square foot on May 26, 2009. Still, pricing remains 14.5% below its all-time high of $1,213 per square foot on Dec. 16, 2008. It is too early to say whether the the November decline in prices represents a turning point in the 1.5-year upward trend, RadarLogic said. “They may simply reflect seasonal factors including a decline in household mobility after the beginning of the school year and during the holidays. We will better be able to tell whether condominium prices in Manhattan have reached a new plateau when we see the prices for March and April 2011," the New York-based research and data analytics firm said. Sales activity declined 11.5% on a month-over-month basis, likely due to the seasonal factors, but sales increased 6.6% year over year, through November 2010. Of the eight Manhattan neighborhoods tracked by RadarLogic, five exhibited month-over-month gains in condominium prices, and all eight exhibited year-over-year gains. The price for Chelsea/West Village increased the most on a month-over-month basis, gaining 4.5% — to $1,144 per square foot in November relative to October. Condo prices for the Upper East Side increased the most year over year, to $989 per square foot — a 17.1% gain from November 2009 to November 2010. The largest month-over-month decline was in the East Village/Lower East Side, where condominium prices came in at $1,031 per square foot, down 11.5% in November over October. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.