After showing signs of slowing down, the Manhattan apartment market surged back to life over the summer as more new luxury condo development closings hit the tape.
The average sales price for Q3 was $2,033,215, which is a 13.5% improvement from last year, and a 2.3% improvement from last quarter. The median price was $1,125,000, which is an 8.2% increase from last year, but a slight 2.1% decrease from last quarter. Despite the rising average and median sales price figures, the median price per square foot in Q3 was $1,345, which represents a decrease of 2.65% and 1.52% on a quarterly and year-over-year basis, respectively. Days on market, although 9% higher than this time last year, reflected signs of market activity by shrinking 14.3% from 56 to 48 days. To download the full report, click here.