All three price trend indicators set new records in 2015, pushed
higher by low inventory and significant new development
closings during the year. The New York City economy remained
robust helped by record employment growth. Median sales price
increased 7.5% to a record $1,010,500 year-over-year. This was
the first time median sales price broke the $1 million threshold
and the first time it exceeded the pre-Lehman high. Before
the beginning of the financial crisis in late 2008, median sales
price set a 2008 record of $955,000. Average price per square
foot jumped 20.5% to a record $1,563 over the same period.
This price trend indicator was skewed higher from the influx
of high-end new development closings that went to contract
one to two years ago. Average sales price increased 6.6% to a
record $1,832,069 above the prior year. The number of sales fell
year-over-year for the second consecutive year after rising for
four straight years. There were 11,955 sales, down 5.8% from
the previous year…