Over the past 14 years, Halstead has offered the most comprehensive annual report available on the Manhattan apartment market.
Over 200,000 verified sales are included, a number of which were recorded after our quarterly market reports were released.
Also provided is a summary of relevant economic indicators, including data on employment, Wall Street, building permits and interest rates.
Highlights in the report:
• Manhattan apartment prices averaged a record $2,063,252 in 2016, 14% higher than the prior year.
• New developments were solely responsible for the increase in average price, as resale prices declined slightly last year.
• The average new development price of $4,082,292 in 2016 was 34% higher than the year before, and a new record.
• A new record was set in the median apartment price, which crossed $1 million for the first time.
• Market volatility and political uncertainty led to 8% fewer closings than in 2015.The 12,958 reported sales was the lowest annual figure since 2011.
• While Midtown East saw its average price jump 64% last year, this was due to the large number of closings at 432 Park, which inflated 2016’s data.
• Both Downtown markets and Upper Manhattan saw their average apartment prices rise in 2016.
• Midtown West posted the biggest decline in prices last year, due to a reduction in new development closings, particularly at One57.