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Elliman Report: Manhattan Decade 2005-2014
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…
