No sign of slowdown on residential rollercoaster.

The Prudential Douglas Elliman Manhattan Market Overview 4Q 2005, authored by Miller Samuel, shows that in the first three months of 2005 Manhattan apartment prices set records in each category. Condos, co-ops, luxury and lofts markets all saw double-digit gains over the fourth quarter of 2004.

For the first time in any major quarterly report, the overview includes data for the entire island of Manhattan. In the past, reports covered the East Side, West Side and downtown Manhattan residential real estate markets. They left out the area known as uptown, above West 116th Street and East 96th Street in Manhattan and including Harlem, East Harlem, Morningside Heights, Hamilton Heights, Washington Heights, Fort George and Inwood.

The data in the first-quarter 2005 Market Overview shows significant gains in the market, tight supply and faster sales. Among the highlights:

Housing supply remains tight, fueling demand. Improving economic conditions, a tight housing supply, rising incomes, Wall Street bonuses and the expectation of rising mortgage rates in the near future likely caused housing prices to surge in the first quarter of 2005.

Price records have been set in all market categories. The average sales price of a co-op and condo apartment on the entire island of Manhattan rose 23% to $1.214 million over the prior quarter's average of $987,257--the first time average price has ever exceeded $1.2 million. Median sales price exceeded $700,000 for the first time, increasing 16.5% to $705,000 over the prior quarter median of $605,000. And average price per s.f also set a record, increasing 16.7% to $910.

There have been decreases in total sales and listing inventory and apartments are selling quicker. The total number of sales contracted 6.2% to 2,028 units as the limited supply kept transaction volume in check. Listing inventory for March tapered 0.7% from 4,494 units in February to 4,327 units in March, but inventory was 10.3% higher at the end of first quarter 2005 as compared to the end of the fourth quarter 2004. In addition, the number of days it takes to sell an apartment fell two days to 94, as compared to the prior quarter. This is the first time this indicator has remained below 100 days for two consecutive quarters.

In the co-op market, overall gains were attributable to the four percent gain in market share of two-bedrooms, the largest size category. Average sales price of a co-op apartment fell just short of $1 million, increasing 15.5% to a record $988,746 over the prior quarter. Median sales price exceed $600,000 for the first time, increasing 15.7% to $610,000. Average price per s/f also set a record as it increased 14.1% to $826.

The condo market saw the largest price gains of all major categories as sales of three-bedrooms gained three percent market share. Average sales price rose above $1.5 million for the first time, increasing 33.9% to $1,548 million. Median sales price increased 34.7% to $987,000, setting another record along with average price per s/f, which increased 21.2% to $1,035 over the prior quarter result of $854.

Records were set in all price categories for the luxury market. The average sales price of a luxury apartment set a record at $4.533 million, up 23.6% from $3.669 million last quarter. Median sales price set a record at $3.6 million up 22%, and average price per s/f set a record at $1,552, up 13.8%.

Lofts represented 8.5% of all sales in the current quarter, and records were set in all loft market price categories. Average sales price set a record at $1.987 million, up 26.6%.