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The Northern Manhattan real estate market seems to have settled into the new normal.
After a couple of years of wide swings, both for better and worse, sales are holding steady.
How steady? Washington Heights’ average co-op sales price in the fourth quarter was $381,547, nearly the same as the $383,448 average price recorded in the first quarter. Also the same number of condo units, five, were sold every quarter in 2010.
If you take a longer view and compare the last six months of 2010 to the same period in 2009, the Washington Heights market seems unchanged with nearly the same number of sales, 83 in 2010 and 90 in 2009, and average sales price, $394,776 in 2010 and $391,393 in 2009.
Overall 133 co-op units in Washington Heights changed hands in 2010 for an average sales price of $384,158.
[All sales data is from streeteasy.com, which offers one of the few reports that can be sorted by Zip Code, providing information that is specific to the local markets.]
Inwood, a much smaller market, proved more volatile, which can be a function of a smaller amount of data.
There were 41 co-op sales reported for Inwood in 2010 with an average sales price of $344,943. The average price in the fourth quarter, $326,409, was about $33,000 less than the first quarter. However the year closed stronger than it did in 2009. The average sales price over the last six months of 2010 was $341,539, about $32,000 more than was reported in the previous year.
Brown Harris Stevens Vice President Caroline Brown, who represents many Northern Manhattan properties, also found the sales figures from 2010 similar to those of 2009.
“Hudson Heights and New York City in general are holding their own in a very different picture from that of other parts of the country,” she said in an email. “In addition, our area and Manhattan in general, do not have mortgage defaults as are recorded in other parts of the country. Those who come to our area to find mortgage defaults are quite disappointed.”
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