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Manhattan Market Report:  4th Quarter 2015


Manhattan Market Report: 4th Quarter 2015

The Manhattan marketplace continues to push higher, reaching new record prices in Q4. From this time last year, the average sales price of Manhattan property rose over 16% to $1,979,690, while the median price per square foot rose 9.58% to $1,392. Median days on market continued its historically low trend, coming in at 54 days.  While this is nearly unchanged from a year ago, it is 10 days longer than Q3, reflecting the seasonal nature of Manhattan real estate.

Buyers responded to slowly rising supply trends, nudging the average price for a Manhattan co-op apartment to $1,284,427, up just over 7% from a year ago, and up 4% from last quarter. The median price for a co-op was $740,000, up 2.78% from a year ago, and down slightly from last quarter’s $755,000. Median price per square foot for co-ops told a similar story, with Q4 coming in at $974, up 8.24% from last year, but down 0.49% from Q3.

Manhattan condo prices also saw continued price action to the upside. The average price of condos came in at $2,529,200, a 20.51% gain year-over-year, while the median price per square foot increased 10.16% year-overyear to $1,593. Soaring condo prices contributed to the widened price differential between co-ops and condos.  Overall, the strong price action in Q4 hints that the macro uncertainties in Q3 are yet to filter through the lagging sales pipeline. Looking forward we expect a normalization of price action as we enter the new year.


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