Last July, the average Manhattan sales price hit a record of $1.8 million, which signaled it was only a matter of time before it crossed the $2 million mark for the first time ever. Eight months later, that’s exactly what’s happened, notes DNAinfo. According to Douglas Elliman’s 2016 first quarter Manhattan sales report, the average sales price climbed $2,051,321, a five percent increase from 2015’s fourth quarter average of $1.9 million and an 18 percent increase from the same time last year when the average was $1.7 million. Additionally, the average price per square foot is now $1,713, a 35.6 percent from last year. The rise is attributed to limited resale inventory and increased closings in new developments, further evidenced by the fact the average sales price in this high-end market is $3.9 million, and the number of closings nearly doubled over the past year. And when we look at the luxury market, average sale prices hit a whopping $8.3 million.
The report’s author Jonathan Miller predicts that the rise in luxury closings will continue for the next couple years, which could very well lead to even higher averages. However, he pointed out that sales over $5 million only account for two percent of the market and therefore are “not a proxy for the rest of the market.” At the beginning of this year, 6sqft reported on Elliman’s 2015 fourth quarter report where median Manhattan sales prices hit a 27-year high of $1.15 million. This latest report puts that figure at $1.14 million. The the median remains about the same overall, in the new development market it rose more than 60 percent over the past year to $2.6 million. In the luxury market it jumped 29 percent to $6.6 million.
Read the full report here.
- Average Sales Price in Manhattan Hits Record High of $1.8M
- Median Sale Price in Manhattan Hits 27-Year High at $1.15M
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