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Manhattan's Median Sales Price Officially Surpasses $1M

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The moderately good news from StreetEasy's market report earlier this week didn't didn't hold up too long: the median sale price for an apartment in Manhattan crossed the $1 million mark for the first time ever, according to the year end Manhattan market report issued by CityRealty.

This represented an 11 percent increase from last year when the median price was at $970,000.

For the report, which DNAinfo was the first to report on, CityRealty tracked sales of residential condos and co-ops up until November 30 this year.

There were percentage increases across the board - the average price per square foot for a condo went from $1,648 to $1,732, a five percent increase.

The total sales of condos and co-ops throughout the borough increased from $22.8 billion to a project $24 billion by the end of the year.

And the sales of apartments in new developments increased from $4.1 billion to a projected $5.2 billion by the end of this year - that also marks an increase in the number of new development apartments sold - that number rose from 850 units last year to 1,340 units this year.

Is there any good news whatsoever you ask? Sure, perhaps the only consolation prize from all of this is that the total number of apartments sold saw a decline. They went from 12,900 units sold last year to a project 12,700 this year.

Super pricey apartments - anything over $10 million that is, are also set to see a small decline going from $4 billion in sales last year to a projected $3.6 billion this year.

So what are the neighborhoods with the most number of sales? Downtown Manhattan had the highest percentage of sales - 34 percent of all condos sold in the city, followed by Midtown which recorded 25 percent. NoHo was the neighborhood with the biggest price gain from last year - a 27 percent increase, which CityRealty says is largely because of the sales at the Schumacher.

And you can't have a conversation about pricey sales without mentioning the building that recorded the most sales right? No surprises there, but the winner was Midtown's One57, which saw aggregate sales of almost $565 million, which is $200 million more than its closest competitor, One Riverside Park, which had sales of almost $316 million this year.

So while the total number of units may have dipped slightly this year, apartment prices continue to soar through the roof.

· Year End Manhattan Market Report [CityRealty]
· Manhattan Median Home Price Crosses $1M Mark for First Time, Report Says [DNAinfo]
· Report: NYC Housing Costs May Cool Off in 2016 [Curbed]
· Market Reports Archive [Curbed]