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Elliman Report: Manhattan Decade 2006-2015

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…

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