The cost of an apartment in New York’s priciest borough has just reached a new record high
The cost of an apartment in New York’s priciest borough has just reached a new record high.
The average price of a Manhattan apartment was up 8% in the second quarter of 2017 compared to the same period of 2016 according to Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers and Consultants.
That means a staggering $2.18 million average price tag while the median rose 7% to $1.19 million.
The high cost hasn’t dampened sales though with a 15% rise year-over-year to 3,153 despite a slight decrease in inventory.
"The expectation for the second quarter had been more modest," Jonathan Miller, president of Miller Samuel told CNBC. "We did see the market cool in April. But by May the market kicked in and the quarter ended up finishing strong."
The surge in sales and rising prices has been driven by pent-up demand from those who held off buying last year ahead of the election. There is also more realistic pricing from sellers.
Condo prices outpaced the market with a 13% year-over-year rise to an average sales price in the second quarter of 2017 of $3.12 million. For new condos, which were a concern due to a surge in new Manhattan towers, there was a 7% rise in average sales price to $4.7 million.
Jonathan Miller added that he expects the market to remain strong and the high end is “stronger than we think.”
The average price of a Manhattan apartment was up 8% in the second quarter of 2017 compared to the same period of 2016 according to Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers and Consultants.
That means a staggering $2.18 million average price tag while the median rose 7% to $1.19 million.
The high cost hasn’t dampened sales though with a 15% rise year-over-year to 3,153 despite a slight decrease in inventory.
"The expectation for the second quarter had been more modest," Jonathan Miller, president of Miller Samuel told CNBC. "We did see the market cool in April. But by May the market kicked in and the quarter ended up finishing strong."
The surge in sales and rising prices has been driven by pent-up demand from those who held off buying last year ahead of the election. There is also more realistic pricing from sellers.
Condo prices outpaced the market with a 13% year-over-year rise to an average sales price in the second quarter of 2017 of $3.12 million. For new condos, which were a concern due to a surge in new Manhattan towers, there was a 7% rise in average sales price to $4.7 million.
Jonathan Miller added that he expects the market to remain strong and the high end is “stronger than we think.”
