At the end of last year, Manhattan’s median sales price had just about crossed the $1 million mark. This year it’s even depressingly higher at $1.2 million (so much for all that slowdown news), CityRealty’s annual year-end Manhattan marker report has revealed.
The fact that stands out the most of from this year’s report? That average Manhattan prices have increased 91 percent in the past decade. The average sales price of an apartment in the borough now sits at a staggering $2.2 million—that’s the first time it has crossed $2 million, and it’s also up significantly from last year’s figure of $1.9 million.
There were records galore everywhere save for the co-op market. That saw average prices drop from $1.4 million last year to $1.3 million. The median price however rose from $785,000 to $825,000. In terms of condos, the average price is now a mind-boggling $3.1 million now, up from $2.6 million last year, and the average price per square foot also saw a nine percent increase to $1,886.
While most of the apartments sold this year fall in the $1 million to $4 million, there were a remarkably high number of sales in the $10 million-plus category, despite the news of a luxury market slowdown from earlier in the year. Sales on such apartments are expected to cross $5.2 billion by the end of the year, which is up from $3.5 billion last year—the number of such units sold are also expected to increase from 189 to 300.
Overall, the number of units sold has seen a decline however in contrast to all the other record breaking fields. CityRealty projects that 11,900 apartments will be sold by the end of the year, which is almost a thousand units less than last year.
Unsurprisingly, the top three highest recorded closings this past year were all at 432 Park Avenue: An $87.7 million penthouse, another penthouse that closed for nearly $60 million, and a third unit that sold for $59 million.
In terms of geographic locations, Downtown came out on tops with sales of $7.1 billion, which accounts for nearly half of all sales, though Midtown West was the neighborhood that saw the most units sold at 566.
So what can we expect in 2017? CityRealty says that there may actually be some good news in store with the average price of condos expected to dip slightly next year (though co-ops will increase), and the overall average remaining the same. To check out CityRealty’s data for 2016 in further detail head on over to their report. [PDF!]