NEW YORK—According to its Manhattan New Development Market Report recently prepared and released by MNS, there has been a decline in condominium unit sales volume this quarter from $670M to $375M. This represents a 44 percent drop since the fourth quarter of 2011. The New Development Market Report tracks the condo sales trends with a quarter-over-quarter and year-over-year comparison throughout Manhattan on both a citywide and neighborhood basis.

In its report, MNS includes walk-up and elevator new development condominium buildings, as well as new conversion condominiums if the sales were applicable sponsor transactions. Excluded from the report are all cooperative sales.

According to the report, yearly comparisons reveal a 1 percent decrease in median price-per-sq.-ft. rates and a 38 percent decrease in median sales price. Harlem reflected the largest decrease, where the median sales price of $505,000 is down 3 percent from last quarter’s $520,000. This $505,000 price point is down 15 percent from the third quarter 2011 peak of $599,000.

While sales numbers and median sales prices are down, MNS reports a few highlights from the Manhattan report, including:

  • Gramercy, where condo sales at One48 accounted for 20 percent of total sales city-wide;
  • Strong demand in the Upper East Side with a 7 percent increase in year-to-year median price per sq. ft. as well as an increase in median sales price to $2.7M; and
  • Demand for studio and one-bedroom units, which accounted for 50 percent of the new development inventory sold in first quarter 2012.