Manhattan’s Average Apartment Price Remains More than $2 Million for Third Straight Quarter: Brokerage Report

Regional Spotlight—The average apartment price in Manhattan remains more than $2 million for the third straight quarter, according to Halstead’s Market Report. Fueled by luxury new development closings, the average price of $2,044,287 increased 18 percent from last year but was down slightly from the second quarter of 2016. The median price of $1,085,000 showed a 9 percent improvement from the third quarter 2015. For the first time, the average condominium price exceeded $3 million, setting a record at $3,031,266. The Halstead Market Report is based on 2,547 reported Manhattan apartment sales, 14 percent fewer than last year’s comparable period.

“While we continue to see record new development prices, contracts for those apartments were, on average, signed over a year ago and do not reflect the current state of the market,” says Diane Ramirez, chairman & CEO of Halstead Property. “Buyers and sellers of resale apartments must look past the increase in the overall average price, which is inflated by luxury new development closings.”

Halstead’s Third Quarter 2016 Market Report also noted the following data:

  • Cooperative sales prices averaged $1,265,933, a 1 percent improvement from last year’s third quarter
  • The average resale price was 5 percent higher than a year ago, coming in at $1,542,623, slightly below the previous quarter
  • The highest percentage of resales in Manhattan were on the East Side at 22.6 percent, followed by Downtown at 21.1percent;
  • Resale apartments spent an average of 75 days on the market, 7 percent longer than the same time in 2015
  • Buyers paid 98.4 percent of their apartment’s last asking price, down from 99.5 percent a year ago
  • Closing prices in new developments reached a record of $4,394,721 in the third quarter, with the median price garnering an average of $2,514,597, 40 percent higher than a year ago
  • South of 14th Street had the largest share of new development closings, accounting for 31 percent of third quarter 2016 activity.

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Source: FTNJ

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