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Condo prices, sales in Manhattan need more improvement

Condos in New York City have experienced declines in price and overall sales.

Condos in New York City have experienced declines in price and overall sales.

According to the most recent RPX Index information from Radar Logic, Manhattan's condominium sector is in need of improvement.

Condo prices for the region peaked in December 2008. However, after this high point, values plummeted 24 percent and bottomed out in May 2009. While the market has shown some improvement since this low mark, only half the peak value for Manhattan condos has returned.

As of March 21, RPX's condo price for Manhattan averaged $1,017.10 per square foot, which is up 16 percent year-over-year, but down 12 percent from December 2008's peak of $1,212.83.

Condo sales in the region have also taken a hit. Between March 2008 and March 2011, transactions for Manhattan's condos are down 18 percent. While sales did improve significantly during 2009, the market has declined since then, moving down 3 percent since last year.

Despite the negative trends for the sector, those interested in condos have begun favoring larger units recently. According to the company's report, sales for condos between 450 and 900 square declined, while transactions involving condos between 900 and 1,500 square improved year-over-year. With this trend taking place, values have shown slight improvement since last year.