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Elliman Report: Manhattan Sales 3Q 2016

The third quarter Manhattan housing market showed higher prices with fewer sales and more inventory. The median sales price of a Manhattan apartment was $1,073,750, up 7.6% from the year ago quarter and was the fourth consecutive quarter above the $1 million threshold. Average price per square foot was $1,692 up 13% and average sales price was $2,032,459 was up 17% respectively from the year ago quarter. New development results, especially a large portion from contracts signed 12-18 months ago, continued to skew the metrics higher with 80 sales closing at or above $10 million, the most since 2008…

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