Manhattan’s median price of $1.15M breaks 27-year record

Prices for luxury pads jumped 25% to $6M during fourth quarter

TRD NEW YORK /
Jan.January 05, 2016 08:00 AM

After flirting with the $1 million mark, Manhattan’s median sale price shot up more than 17 percent during the fourth quarter to a record-setting $1.15 million, the highest price in 27 years, according to Douglas Elliman’s latest quarterly report.

The price surge was driven by new development closings, which accounted for nearly 19 percent of sales during the quarter, compared with around 10 percent over the past few years, said the report’s author, Jonathan Miller, of real estate appraisal firm Miller Samuel. “You have more and more projects approaching completion,” he said. “We’re seeing closings accelerate.”

The median price wasn’t the only record high during the fourth quarter.

The average sale price rose by 12 percent to a record $1.9 million, and the average price per foot shot up more than 28 percent to a record $1,645.

In the luxury market, the median sales price increased by a stunning 25 percent to $6 million. The luxury threshold jumped 18.5 percent year-over-year to a record $4.2 million.

Overall, the number of sales during the fourth quarter jumped 9.4 percent year over year to 2,973. Inventory remained relatively stable – at 5,046 – and the number of days on market dropped 21.9 percent year-over-year to 82 days.

Condominium sales – also with condo prices – also outpaced co-ops. Condo sales rose 28.6 percent during the quarter to 1,434, with a median price of $1.7 million (up 21.3 percent). Co-op sales dropped 4 percent to 1,539, with a median price of $749,000 (up 2.6 percent).

In a separate report also released Tuesday, Halstead Property said condos accounted for 50 percent of sales during the fourth quarter, the highest percentage since early 2009.

“We’ve got great new developments and they’re starting to close,” said Halstead CEO Diane Ramirez. “We’ve got tight inventory, so the fact that we have new developments coming is opening up our market for more product.”

Compass, which also released a report, drilled down into various Manhattan neighborhoods and said Downtown’s median price hit a record $1.7 million, while the Upper West Side had a median price of $1.3 million.

In the Corcoran Group report, the brokerage said the number of contracts signed during the fourth quarter dropped 12 percent to 2,961 from 3,373 in 2014’s fourth quarter. Corcoran’s report also found the steepest price gains in large apartments, with the median price for a three-bedroom jumping 24 percent to $3.8 million from $3.1 million a year earlier.


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Compass' Rory Golod and Long Island’s North Shore (Credit: Long Island)

Compass sets sights on Long Island’s North Shore

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

From left: 8 East 75th Street, 92 Laight Street, 443 Greenwich Street, 111 Murray Street and 23 Perry Street (Credit: StreetEasy and Bone Levine)

Sackler and Streep: The five priciest NYC home sales last month

Howard Lorber and Barry Zubrow with unit 1601 at The Bristol (Credit: Getty Images)

Howard Lorber flips condo to investment banker Barry Zubrow

Steve Cohen

Corcoran’s Steven Cohen and team jumps to Elliman

arrow_forward_ios
Loading...