The average price for all Manhattan apartments was $1,675,021 in the third quarter, 18% more than a year ago. While this is slightly below the record level of 2014’s first quarter, it is the second highest average price ever. Much this increase over the past year has been due to luxury activity, as the median price rose only 3% during this time to $898,500. Lower inventory combined with rising prices led to fewer sales than a year ago, with reported transfers down 15%.
Resale apartment prices averaged $1,545,875, or 13% more than in 2013’s third quarter. Helped by a record-tying sale, the average resale co-op price was 15% higher than a year ago, at $1,311,093. Prices for previously-owned condos set a new record in the third quarter, reaching $1,952,403.
Apartments in new developments sold for an average of $2,672,066, a 43% jump from the third quarter of 2013. This figure was down from the second quarter of 2014, as luxury closings declined. Downtown south of 14th Street accounted for 24.4% of new development closings in the third quarter, the most of any area. This was helped by a large number of closings at The Jefferson, at 211 East 13th Street.