Sales suffer October slide, says latest survey.Sales volume in Manhattan's condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. market fell by 18 percent in October with 386 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. compared to 433 sales in September. October's sales, the lowest recorded in 2005, were down 34 percent from the 2005 monthly average of 585. October's decline followed a drop of 30 percent between September and August. While the decrease may indicate a cooling in the residential sales market, it is important to note that a similar pattern was seen at the end of 2004, before a dramatic rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective at the beginning of 2005. The average condo price and price per square foot were both up in October. The average apartment price hit $1.43 million, a 7 percent increase over September and a 39 percent increase over October 2004. The average price per square foot for Manhattan condos rose to $1,091, which is 2 percent over September and 27 percent over October 2004. For the first time this year prices for larger apartments fell, with a 21 percent month-to-month month-to-month adj. referring to a tenancy in which the tenant pays monthly rent and has no lease, and the tenancy can be terminated by the landlord at any time on thirty-days notice. (See: tenancy, landlord and tenant) decrease in the average price for three-bedroom apartments and a 7 percent month-to-month drop in price per square foot. One-bedroom apartments have continued to sell well, accounting for 37 percent of the total condominium sales in Manhattan. "We may be witnessing a gradual cooling in the residential sales market, but it is not clear that the trend will continue long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. ," said Yale Robbins Rob·bins , Frederick Chapman 1916-2003. American microbiologist. He shared a 1954 Nobel Prize for work on the cultivation of the polio virus. , president of Yale Robbins, Inc. "Winter has been a season of enormous activity during the past several years and numbers may pop again in early 2006." For more than two decades Yale Robbins, Inc. has been the premier real estate publisher in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and nine states throughout the Northeast, Mid-Atlantic and Midwest regions.
Manhattan condo sales stats
1 yr ago 1 mth ago Oct 2005
Total sales volume 378 471 386
Volume 388mil 631mil 551mil
Avg Price $1,026,755 $1,340,257 $1,427,898
Avg sf 1,117 1,142 1,199
Avg $ psf $862 $1,071 $1,091
Year change Month change
Total sales volume +2% -18%
Volume +42% -13%
Avg Price +39% -7%
Avg sf +7% +5%
Avg $ psf +27% +2%
condo-sales.com
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