The average sale price and price per square foot in Manhattan hit new highs at $2 million and $1,713, respectively.
According to the latest report by Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants, Manhattan real estate prices hit a record high during the first quarter, as the average price of an apartment in Manhattan has reached $2 million for the first time in history. The average price per square foot also hit a record of $1,713.
Without a doubt, sales rate has slowed down. Despite the fact that the total number of offers grew 8 percent in comparison with the same quarter of the previous year, they dropped 3 percent contrasted with the final quarter of 2015. Οverall, on a year-over-year analysis, the quantity of offers has decreased for the past seven quarters, while listing inventory expanded 5 percent throughout the year.
Ιt's worth pointing out that as opposed to the very top of the market - apartments priced at $5 million or more - whose sales has slowed, the core market - apartments priced at $1 million to $5 million - remains strong.
As Jonathan Miller, president of Miller Samuel stated, "what you have is the super-luxury high-end of the market, which started changing a year ago and is clearly slowing. But in the rest of the market, demand is still elevated."
The most expensive sale recorded for Μanhattan during the first quarter of 2015 was a 7,000-square-foot, five-bedroom appartment at 101 Central Park West, whose value amounted to $35.3 million. Τhe appartment was listed by Randall Gianopulos and Serena Boardman at Sotheby's International Realty.