New York City Real Estate

Manhattan real estate prices jumped 35% over last 12 months

Based on the latest report of Douglas Elliman, a major brokerage firm in Manhattan, median real estate prices for condo apartments in Manhattan jumped 35.2% over the last 12 months (as of March 31). Average price per square foot for condos increased 34.7% to US$ 2061. The new condo construction market saw an even higher appreciation with a whopping 60% increase in median sale price over the last 12 months.
While the high numbers can be partly explained by the heavy number of closings of luxury apartments, the data shows a strong demand of local New Yorkers and out of town investors.
However, the number of sales have slowed. Though the total number of sales grew 8 percent compared to the same quarter last year, they slipped 3 percent compared to the fourth quarter of 2015. On a year-over-year basis, the number of sales has fallen for the past seven quarters. Meanwhile, listing inventory increased 5 percent over the year.
While the very top of the market — apartments priced at $5 million or more — has slowed, the core market of apartments priced at $1 million to $5 million remains strong.
"What you have is the super-luxury high-end of the market, which started changing a year ago and is clearly slowing," said Jonathan Miller, president of Miller Samuel appraisal firm. "But in the rest of the market, demand is still elevated." And Jonathan Miller also said that overall inventory of resale apartments — which make up the bulk of the market — is about 10 percent below historical norms.

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Source: CNBC and Douglas Elliman, April 1 2016

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