The Manhattan apartment market rebounded in the first quarter, as both prices and the number of sales rose for resale apartments compared to a year ago. The average resale price rose 5% to $1,561,911—its highest level since the second quarter of 2015. A new record was set for the resale median price, which at $955,000 was 3% higher than 2016’s first quarter. There were 1,795 resale closings reported in the first quarter, which was 5% more than a year ago.
Including new developments, the average price for all apartments reached a new record of $2,174,105. The median price for all apartments of $1,150,000 was also a record, and 8% higher than in the prior quarter. A 17% decline in new development closings brought the number of sales for all types of apartments down 1% from the first quarter of 2016.
After slowing dramatically leading up to the presidential election, the Manhattan apartment market has started to pick up momentum. With much of the uncertainty now gone and sellers adjusting to the realities of the market, first-quarter market data was better than expected. While the data show a decline in new development closings, many of the deals are signed months or years in advance, so they are not always indicative of current market conditions.
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