- The average Manhattan apartment price rose 18 percent annually, $2,044,287.
- The Halstead Property Report suggests the spike in average price is due to closings from previous quarters in the luxury new development market.
The average price for a Manhattan apartment pushed 18 percent up through the third quarter to $2,044,287, according to a new Halstead Property Report, which also revealed average price for condos in Manhattan toppled $3 million.
“While we continue to see record new development prices, contracts for those apartments were, on average, signed over a year ago and do not reflect the current state of the market,” Halstead Property Chairwoman and CEO Diane Ramirez said in a statement.
Average prices rise in third quarter
The Halstead Property Report examined 2,547 properties throughout Manhattan, which is 14 percent less than the previous year. The data showed that average prices rose in the third quarter, but that’s mostly due to a flood of closings in the luxury new development class, the report notes.
“Buyers and sellers of resale apartments must look past the increase in the overall average price, which is inflated by luxury new development closings,” Ramirez said.
New development median and average prices in Manhattan through Q3.
The largest concentration of new development closings occurred South of 14th Street, according to the report. During the third quarter, 31 percent of market activity happened in this area; closing prices set a new record of $4,394,721. Median price increased 40 percent annually, to $2,514,597. One property at the 432 Park Avenue building in particular closed for $88 million, which brought the average price up considerably, the report shows.
The Midtown area followed South of 14th Street in terms of sales share, holding 16.1 percent of the market.
Halstead Property Report
Despite dipping slightly from the previous quarter, average resale price was 5 percent higher than one year ago in the third quarter, at $1,542,623. Resale apartments also spent five days longer on the market than last year, at an average of 75 days.
Average co-op sale prices increased 1 percent quarter-over-quarter, to $1,265,933.
On average, sellers got 98.4 percent of asking price in the third quarter, down 11 basis points from the previous quarter.
