The residential market for Manhattan condominiums and cooperatives offered mixed signals as 2018 came to a close. The median apartment price fell under $1 million, a 5.8 percent decrease from the end of the fourth quarter of 2017. On the other hand, the average price for a Manhattan apartment declined by 3.6 percent to finish the year at a more lofty $1,963,938. Buyers and investors had more product to chose from as the number of listings grew by nearly 12 percent by Q4 2018, but that increase came mostly from the resale market.
THE AVERAGE MANHATTAN APARTMENT
|Q4 2018||year-over-year % change|
|Average sales price||$1,963,938||-3.6%|
|Average price per square foot||$1,684||4.7%|
|Average days on market||93||-41%|
Source: Miller Samuel. Apartments include both condominiums and cooperatives.