Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Manhattan Home Prices Up in 2008
Tuesday, March 03, 2009
New York, NY –
A 2008 year-end report on Manhattan's housing market is out, and sales prices were up, despite a weak second half of the year. WNYC's Lisa Chow reports.
REPORTER: No matter which price you look at: average sales price, median sales price, or price per square foot, on condos and co-ops in Manhattan, they all were higher in 2008, than in 2007. That's according to the brokerage firm Prudential Douglas Elliman.
The price of a typical Manhattan apartment jumped 11 percent. That means, in 2007, you would have paid 860,000. In 2008, the price was up at 955,000.
But there are some signs of stress in the market. Fewer deals got done, about 25 percent fewer. More apartments were on the market, 40 percent more, and it took two and a half weeks longer to sell an apartment in 2008, than in 2007. For WNYC, I'm Lisa Chow.