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Second quarter improvement for Manhattan housing market

Median sales price and total sales volume of Manhattan condos and co-ops on the rise.

Median sales price and total sales volume of Manhattan condos and co-ops on the rise.

The second quarter of 2011 was better for the Manhattan housing market than the first quarter, according to a Douglas Elliman report released on July 1.

The report states the median sales price for Manhattan condos and co-ops was $850,000 in the second quarter of 2011, which was an 8.7 percent increase from the first quarter median of $782,071. Average sales price rose 9.3 percent, from about $1.3 million to roughly $1.5 million, while price per square foot increased from $1,025 to $1,068.

Sales volume also posted a gain, going up 10.7 percent from the first quarter.

Despite these quarterly improvements, year-over-year numbers show 2011 median sales price and sales volume lag behind 2010, when the homebuyer tax credit stimulated the housing market. However, the year-over-year median sales price of luxury properties bucked this trend, climbing 11.2 percent.

A recent Luxury Institute survey indicated a large number of wealthy Americans are taking advantage of low real estate prices to relocate to more expensive primary residences.