Market Reports are out for the first quarter of 2016, and they have shown that the current sales market in Manhattan is thriving. The reports indicate a strong increase in sale prices across the board for Manhattan properties, as well as a decrease in time an apartment spends on the market. Condo sales in Manhattan showed a dramatic increase since this time last year, with their average sales price rising 32% and median sales price rising 36%. Co-op prices remained steady, while days on the market dropped to 54 days displaying an 11% decrease from this time last year. The one segment of the market that is seeing a a decrease in demand is the ultra luxury market ($5M+), with much of the new development pipeline falling within this category. Downtown Manhattan remained the highest selling region of Manhattan, and Upper Manhattan remained the lowest selling region. There were a few notable increases in median sales prices during the past year: Median prices for one-bedrooms in the Upper East Side saw a $147,741 (+21.4%) increase since Q1 last year, and median prices for 3+ bedroom apartments downtown increased a whopping $936,790 (+20.1%) since Q1 last year. For a more detailed breakdown of the different segments of the market, feel free to download this market report that we have attached here: Q1 2016 Market Report.
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