According to an article in the Wall Street Journal, March, condo sales activity more than doubled, rising 101.2% compared with a year earlier. This was reported to the WSJ by the RPX index designed by Radar Logic Inc. Sales in March were down 6.6% when compared with a month earlier.
The report goes on to say that existing unit sales increased 154% in March from a year earlier, and that new unit sales declined 25% in March.
According to Radar Logic, there was also a shift towards sales for small and inexpensive condo units in the $400,000-$600,000 range.
They say that condo prices, as measured by square foot, were down 14.9% in March compared with the same month a year ago.
Radar Logic also reported that prices declined in seven of the eight neighborhoods they tracked. The biggest decline was on the Upper East Side, where average prices fell 28.8% to $925.93 a square foot.
The only neighborhood that posted an increase in prices was the East Village/Lower East Side, where prices per square foot rose 1% to $903.64.
Despite the large year-over-year increase in sales activity, Radar Logic reports that sales remain low in comparison to the top sales activity in 2007.
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