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.
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