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Median Apartment Price in Manhattan Hits $1.5 Million

The median listing price for Manhattan’s residential real estate market has climbed to $1.5 million, according to a new development report from StreetEasy—an increase of 15 percent from last June’s median of nearly $1.3 million.

The median prices range from $542,288 in Upper Manhattan to $3.34 million on the Upper West Side.

Corcoran’s second quarter (Q2) reports an average sale price from almost $1.4 million; median prices ranged from of $380,000 for a studio to $2.6 million for three or more bedrooms.

Prudential Douglas Elliman reported an average sale price of slightly over $1.4 million (down from $1.45 million in 2011, with average price per square foot slightly decreasing over the year to $1,065).

Inventory dropped 19 percent over the last year, according to StreetEasy, resulting in 1,184 units listed in June.

All sections of Manhattan except the Upper East Side lost inventory, with the most notable decrease in Upper Manhattan from 280 to 149, from June 2011 to June 2012, according to StreetEasy. Midtown listings dropped from 226 to 157, from June 2011 to June 2012, while median listing prices for the same period sharply increased from $1.19 million to $1.95 million. The most contracts in June, 56, were signed downtown, where the 654 listings are roughly 500 more than any other area.

Prudential Douglas Elliman, in its Q2 report, has 6,981 listings, down from the prior year’s 8,070. The firm also has a Q2 rental market report, finding the average price has risen 9 percent on Q2 2011 to $3,778, the highest rent in two years.

RentJuice, a business that garners information from thousands of brokers and property managers, however, states in a July 16 whitepaper that the average rental asking price is now at $4,130 for the city as a whole. The business states that Tribeca is the most expensive neighborhood, with an average asking rent of $10,365.

In Elliman’s report, average rental prices ranged from studios ($2,569) to three bedrooms ($6,940). The number of listings has risen almost 28 percent from Q2 2011 to 5,660, while the days on the market have increased by 5, to 38.

StreetEasy’s report is based on sponsor sales listings marketed on the company’s website.

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