AgentMarkets & Economy

Manhattan development assists in record-breaking prices

Report shows highest historical average and median sales price
  • According to the report, resale apartments hit a median $965,000 .
  • The average price for a resale condo, specifically, fell 5 percent to $1,956,165.
  • The absorption rate, or how many months it would take to sell all active listings in a given market, rose 4.4 months in March
  • With new development units hitting the market at high rates, closings skyrocketed.

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Just when you thought Manhattan’s residential prices couldn’t get any higher, they push the envelope a little further. Encouraged by new luxury developments, average Manhattan apartments have hit $2,081,762 -- a 13 percent increase from 2015, according to a recent report from Brown Harris Stevens. The median price in Manhattan, on the other hand, grew 22 percent to reach a cool $1.175 million. [gview file="http://www.inman.com/wp-content/uploads/2016/04/Brown-Harris-Stevens-Manhattan-1Q16-Market-Report.pdf"] Resale apartments: prices move amid a tight market According to the report, resale apartments hit a median $965,000 -- another record figure for Manhattan and a substantial increase from the previous quarter. But the average price dipped a slight 1 percent from last year, falling to $1,542,348. The average price for a resale condo, specifically, fell 5 percent to $1,956,165. Inventory is still tight for resale units in Manhattan, leading to 2 percent fewer clo...