The average price per square foot rose 11.6 percent to a record $1,083 over $970 in the second quarter of 2005, and compared to the prior quarter's $1,004. Median sale price -- halfway between high and low -- rose 13.5 percent over a year before to $880,000, 6.7 percent up on the prior quarter.

Average price was a record $1,386,193, up from $1,317,528 in the prior-year quarter and $1,300,928 the prior quarter. The number of apartments available rose 53.9 percent to a record 7,640 units from 4,965 in the prior year quarter and climbed 10.7 percent from the prior quarter.

The listing discount rose slightly on average to 3.5 percent from 2.8 percent in the first quarter and 1.6 percent for the prior year quarter. Median and average sales prices also set records.

The average price per square foot of a condo rose 5.5 percent to a record $1,149 from $1,089 in the prior year quarter. The median sale price also set a record, but the average fell as the market share of entry-level units rose to 48 percent from 41 percent.

Average price per square foot in the luxury segment -- the top 10 percent of sales -- exceeded $1,800 for the first time. Median sale price hit $4 million for the first time, while average sale price exceeded $5 million for a second time.

By M. Sese
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