Northern Manhattan’s real estate market appears to be in a holding pattern with data indicating that prices and inventory are hovering around the same points as the previous quarter and a year ago.
In Washington Heights 31 apartments sold at an average price of $404,415 during the first three months of 2011, according to real estate Web site streeteasy.com, which allows data to be sorted by Zip Code. That is about $20,000 more than the average prices logged during the first and fourth quarters of 2010. The sales prices ranged from $945,000 for an apartment on Cabrini Boulevard to $150,000 for one on W. 156th Street.
The median sales price was $317,500, down slightly from fourth quarter and about $50,000 from this time last year.
In Inwood, with a much smaller inventory, prices were almost identical to first quarter 2010 and up significantly from late last year. The 10 apartment sales averaged $352,391 compared to $326,409 from the fourth quarter of last year. Overall prices in Inwood ranged from $165,000 to $665,000.
Six condos were sold in Northern Manhattan during the first three months of the year, the first time since fourth quarter 2009 that there were not exactly five sales. Prices were down significantly – over $150,000 – from previous quarters largely because four of the six sales occurred at the New Amsterdam Condominium on Amsterdam Avenue, where units sold at auction.
The number of condo sales is expected to balloon in the coming quarters as more units from the New Amsterdam close as well as apartments at Bennett 212, which was just approved for occupancy.
Since it typically takes several months for a sale to close, the most recent data reflect deals that were made last year.
Going into spring, which is typically the busiest sales season of the year, the inventory of apartments on the market is growing but is not out of line with the market cycle. There are currently 250 co-ops for sale in Northern Manhattan. That number has steadily grown every month since late January when there were 211. Over the last 10 months, the inventory peaked in October and November with about 290 units for sale.
Since units that sold at the New Amsterdam and 212 Bennett were taken off the market, the number of condos currently for sale has dipped to 42, from a peak of 85 in January.