Better Than You'd Heard: REBNY Third Quarter Stats Show Manhattan Luxury Condo Market Is Booming Again

Manhattan Real Estate Market 2010It's enough to make a blogger nervous, honestly. It's increasingly obvious that the market for Manhattan luxury condominiums is in a boom phase -- but as the shape, size and volume of the boom in NYC condos continues to become clearer, our job here at the New Construction Manhattan blog becomes more difficult. Wasn't it just a little while ago that we wrote about the big third quarter in the Manhattan condominium market? Yes, yes it was. And is this another report crossing our virtual desk, from the august Real Estate Board of New York, indicating that the third quarter spike in NYC apartment sales was even more intense than previously reported? Yes, yes it is. Good news, but... can we get a break over here?

While the REBNY numbers are only slightly different from those we reported recently, the ways in which they're better should hearten both macro-minded real estate watchers and those simply searching for Manhattan condominiums. "Total sales volume reached $8.36 billion in the third quarter, a 26 percent increase over the same time period in 2009 and an 11 percent increase over sales volume in the second quarter of this year," The Real Deal reports. "The average sales price of homes sold across the city hit $722,000, a 7 percent increase over the previous year and a 1 percent decrease over last quarter's figure." Both those numbers represent a step up from the third quarter stats, in different ways. The 26% year-over-year increase in sales volume dramatically improves upon the numbers reported by big real estate agencies earlier this month, while REBNY's 7-percent increase in prices is roughly half the increase that we reported earlier.

Of course, as we wrote not so very long ago, eventually Manhattan apartment prices will creep up if sales volume continues to climb. For now, though, it looks like the best of both worlds -- Manhattan apartment sales are booming enough to please real estate agencies, while prices on Manhattan condos are climbing slowly enough to give hope to those searching for a Manhattan apartment. How long this state of affairs will last, of course, is anyone's guess. But as we wrote way back when -- that is, a week ago -- we'd advise you to browse accordingly.

NYC Daily Real Estate Blog