2016 New York Q4 Rutenberg Market Report
Fourth Quarter Market Report – 2016 Despite a 13% decline in the number of sales, the average Manhattan apartment price reached a record $2,110,556 in the fourth quarter. This figure was 9% higher than a year ago, and up slightly from the previous record set in 2016’s first quarter. The median apartment price of $1,075,000 was down 4% from 2015’s fourth quarter. Cooperative Average Sales Price Cooperative apartment prices averaged $1,242,916, a 3% decline over the past year. Only studio co-ops posted a higher average price than in the fourth quarter of 2015. Condominium Average Sales Price New developments continued to push condo prices to record highs in the fourth quarter. At $3,143,441, the average condo price was 22% higher than a year ago, and marked the second straight quarter this figure was over $3 million. Three-bedroom and larger condo prices averaged 27% more than a year ago, the biggest gain of any size category New Developments - Average and Median Sale