[This week, chartman Jonathan Miller stacks up Manhattan median sales prices against prices from the surrounding parts. The result is a graph that looks like the makeshift growth chart on your parents' kitchen wall when your brother had hit puberty and you and your other brother were still hitting the high notes. The green bar is Manhattan, the blue is the surrounding NJ/NY metro area, and the pink is the Connecticut 'burbs. Click on the image to expand.]
Since the National Association of Realtors released their existing home sales figures today, I thought it would be interesting to match Manhattan with the surrounding area, quarter by quarter. It probably comes as no surprise that Manhattan was more expensive than the median sales price of the surrounding suburbs that are tracked by NAR (they don't track Manhattan). The median sales price of a Manhattan apartment was 62% above portions of Fairfield County, CT and 65% above the New York City metropolitan region.
In fact, the spread between the median sales prices of Manhattan apartments increased as compared to last year when the difference between Manhattan and the local region was 53% and 39% respectively. The Manhattan median sales price increased 25.6% over the year while the other areas gained 16% and 7.8% respectively. Those are very large gains for the entire region all around.
· New York Regional Median Sales Price [Miller Samuel]