Manhattan Apartment Prices Continue to Set Records

Manhattan apartment prices continued to set records in the second quarter of 2016 according to the latest market report by Douglas Elliman.

The increases were partly due to the heavy volume of new development closings that went to contract 12-18 months ago.

The new development median sales price surged 44.1% to a record $2,693,271 from the same period last year. Median sales price for re-sales was unchanged at $945,000 from the same period a year ago while the other price indicators showed mixed results. The total median sales price for Manhattan apartments was $1,108,500.

Re-sale average price per square foot set a new record of $1,453, up 13.8% and re-sale average sales price fell 10.6% to $1,496,233 respectively over the same period. The number of re-sales fell 9.4% to 2,231 as the number of new development closings surged 138.2% to 505 respectively from the same period a year ago.

Median sales price for Co-ops was $767,500 during the second quarter.