The opening months of 2018 have had varying effects on Manhattan’s real estate markets. While the number of apartment sales dropped in January, the luxury condo market rebounded in February, according to a report Friday by CityRealty.com.
Manhattan’s luxury condo market—defined as properties priced at above $2,000 per square foot—saw 62 contracts signed in February, a slight boost from the six-month low of 59 transactions logged in the previous month, the report said.
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The 62 transactions made for a total volume of sales of $461 million—up from $371 million in January—helped out by two sizable deals at 432 Park Avenue by one buyer for a total of $68 million.
The average price for a luxury condo in February rose to $7.4 million, the report said, up from $5.4 million in January.
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Outside of the big-ticket sales, and across the Manhattan apartment market in general, the number of sales logged in January—from which the most recent data is available—dropped to 779 from 884 in the previous month. Condos accounted for 331 of those transactions and co-ops 448.
The average sales price of a Manhattan apartment fell substantially, too—to $1.9 million from $2.3 million.
New condo developments fared particularly badly in January as the average price fell almost 50% to $3.6 million from $6.9 million in December.