Prices for Manhattan real estate hit a new all-time high in the second quarter, with apartments now selling for an average of $2.19 million.
The total number of sales jumped 15 percent compared with last year, according to the report from Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers and Consultants. The average sales price rose 8 percent over the same period last year, hitting $2.19 million.
Miller said the strong sales and prices were driven by two factors: more realistic sellers and continued pent-up demand from buyers who held off purchases in 2016.
"Sellers realized that if they wanted to move their property, they needed to be more realistic," he said.
Condos — especially new condos — continue to fuel the rise. The average condo sales price jumped 13 percent over the same quarter last year, to $3.12 million. Despite concerns about a glut of fresh condo towers in Manhattan, sales of new units continued to be brisk. The average sales price for new condos jumped 7 percent to $4.70 million.
Source: Bloomberg
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