CityRealty Year-End Manhattan Market Report

Tuesday, Dec 13, 2016 By CityRealty Staff, CityRealty contributor

Manhattan real estate prices continued to soar in 2016, setting new records. For the first time, the average price for an apartment - including both co-ops and condos - was above $2 million.

The average sales price for co-ops and condos in 2016 was $2.2 million, topping the $1.9 million record set in 2015. The median sales price of $1.2 million, also a record, represented a 9% increase from last year, when the median was $1.1 million.

The average price of a condo in 2016, $3.1 million, was also at an all-time high, surpassing the record set in 2015, $2.6 million. The average price per square foot also rose to a record $1,886, a 9% increase from 2015.

Average prices dipped slightly in the Manhattan co-op market. The average price for a co-op was $1.3 million, down from $1.4 million in 2015. However, the median price, $825,000, rose from last year, when it was $785,000.

Average and median sales prices for all residential units in Manhattan - both condos and co-ops - have increased significantly since 2006. This year's average apartment price of $2.2 million is 91% higher than in 2006. This year's median price of $1.2 million is 62% higher than it was in 2006.

The chart above illustrates the rise in sales of high-priced units over the past five years. Total sales of apartments over $10 million are projected to reach a record $5.2 billion through the end of 2016, up significantly from the $3.5 billion recorded in the same category last year. The number of sales at or over $10 million will hit a projected 300 through the end of 2016, also a record and up from the 189 recorded last year.

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