Apartment prices in Manhattan hit records in the second quarter of 2017, reaching an average $2,179,172 and a median $1,205,000, according to Halstead’s Second Quarter 2017 Market Report.
“Buyers jumped back into the market once the uncertainty of the presidential election had passed, leading to a sharp increase in second quarter closings,” says Diane M. Ramirez, chairman and CEO of Halstead. “Prices were also higher, as many luxury apartments that had previously lingered on the market were finally sold.”
More highlights from the Report include:
- The average resale price posted a 10 percent increase to a record $1,686,224, while the median resale price also reached a record, rising 5 percent over the past year to just under $1 million;
- The average co-op resale price jumped 13 percent from the prior quarter to $1,364,888, and all sizes of co-ops saw higher average resale prices than a year ago;
- Pushed by a flood of high-end closings, condo resale prices averaged a record of $2,251,376, a figure that was 21 percent higher than the second quarter of 2016;
- New development prices averaged over $4 million for the fourth consecutive quarter and, at $4,000,589 in the second quarter, the average price was 5 percent higher than a year ago;
- The highest percentage of resales in Manhattan was on the East Side at 24.1 percent, followed by South of 14th Street at 20.6 percent;
- South of 14th Street had the largest share of new development closings, accounting for 36.5 percent of second quarter 2017 activity;
- Resale apartments sold in the second quarter spent an average of 100 days on the market, 15 percent longer than the same time a year ago, as many units lingering on the market were finally sold; and
- Sellers received 97.9 percent of their last asking price, down from 98.3 percent in the second quarter of 2016.
For more information, please visit www.halstead.com.
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