The 2014 Manhattan apartment market was a year of records as
low inventory pushed prices higher. New York City employment
grew at a near record pace, mortgage rates fell from 2013
levels, Wall Street appeared to perform well, and the U.S. dollar
remained weak until the end of the year. New development units
began to close and re-sale activity was elevated, but held back
by restrained supply and tight mortgage lending conditions.
Two of the three price indicators posted record gains, impacted
by the skew towards higher end product. Average sales price
cracked the $1.7 million threshold rising 19% to a new 26-year
record of $1,718,530 from the prior year. Average price per
square foot increased 14.2% to $1,297 over the same period to
a new record. Median sales price increased 9.9% to $940,000,
1.6% below the $955,000 record set in 2008 as the financial
crisis began…