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Q1 2016 Manhattan Residential Market Report
The average and median apartment prices reached record levels in the first quarter, with a large number of luxury new development closings. With the help of 432 Park, a record number of new development closings topped the $10 million mark. New developments were also responsible for the 10% increase in the total number of sales from a year ago, as new development closings jumped 70%.
Looking at just the resale market, the average apartment price fell 1% from 2015’s first quarter to $1,542,348. A decline in luxury resales was primarily responsible, as the median resale price hit a new record of $965,000. Price increases were greatest over the past year for studio and one-bedroom resales, due to critically low inventory levels. The number of resale closings was 2% lower than the first quarter of 2015.
Prices for new developments shattered all records in the first quarter. Their average price reached $3,608,322, which was 15% higher than a year ago, and broke the previous record set in 2014’s fourth quarter. The median price of $2,349,660 was 21% higher than the prior record set in the fourth quarter of 2015.
While concerns about equity markets, China’s economy, oil prices, and interest rates have clearly impacted consumer ... more

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