Co-op sales surge as prices are mixed.While reported sales volume surged during the second quarter, price performance of Manhattan co-op apartments continues to vary by category, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. findings published by the Real Estate Board of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (REBNY REBNY Real Estate Board of New York ) in its quarterly Cooperative Sales Report. According to the market study, the median price per room for three-bedroom and larger apartments increased over last year's comparable figures, but declined for units of two bedrooms or less. The biggest increase occurred in the four-bedroom and up category, where the median price per room rose by over $48,000 to $236,271. Reflective of increased sales activity throughout the marketplace, REBNY received sales data on a record 556 transactions during the second quarter. The greater percentage of smaller apartment sales reported accounts for the preponderance pre·pon·der·ance also pre·pon·der·an·cy n. Superiority in weight, force, importance, or influence. Noun 1. preponderance of transactions in the $100,000-to-$200,000 range. Last year, most second quarter sales fell into the $200,000-to-$300,000 price range. "This has been the busiest spring quarter, in terms of unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. , that I can ever recall," said Hall Willkie, vice president of Brown Harris Stevens and Chairperson chairperson Chairman The head of an academic department. See 'Chair.', Cf Chief. of REBNY's Research Committee. REBNY Executive Vice President Deborah Beck said "What we're seeing is steadily expanding marketwide sales activity, which is eating away at the oversupply o·ver·sup·ply n. pl. o·ver·sup·plies A supply in excess of what is appropriate or required. tr.v. o·ver·sup·plied, o·ver·sup·ply·ing, o·ver·sup·plies of smaller sized apartments and pushing prices higher for the less plentiful bigger units." She said the higher sales for smaller coops was a sign of expanding public confidence in the city's future and predicted "a gradual price increase at all levels of the marketplace." In addition to its customary geographic breakdowns, REBNY's Second Quarter Report incorporated, for the first time, a separate section profiling the apartments involved in million dollar and up transactions. Here are some of the Report's highlights: * The median price per room dipped for all smaller co-op size categories in the second quarter of this year compared to the same period in 1995. Studios and one-bedroom units fell to $47,333 from $55,429 while two-bedrooms dropped to $75,778 from $85,556. * Overall, the median second quarter sale price for all units was $298,500 compared to $372,500 in 1995. |
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