q4 2016 manhattan residential market report: Q4 2016 Manhattan Residential Market Report
- 01/04/17 05:19 PM
New development closings, with many contracts signed over a year ago, pushed the overall average Manhattan apartment price to a new record in the fourth quarter. At $2,110,556, the average price was 9% higher than a year ago and just above the previous record set in the first quarter of 2016. The number of sales was 13% lower than a year ago, with 39% fewer new development closings and 4% fewer resales.
New developments, which comprised nine of the top 10 sales in the fourth quarter, sold for an average of $4,709,602. This was a new record, and was 51% higher than … (0 comments)
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New development closings, with many contracts signed over a year ago, pushed the overall average Manhattan apartment price to a new record in the fourth quarter. At $2,110,556, the average price was 9% higher than a year ago and just above the previous record set in the first quarter of 2016. The number of sales was 13% lower than a year ago, with 39% fewer new development closings and 4% fewer resales.
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