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Prudential Douglas Elliman Manhattan Market Report 1999-2008

Despite weakening market conditions in the second half of 2008, all three price indicators trended higher this year, each setting records. The average sales price for a Manhattan apartment was $1,591,823 this year, up 17.8% from the $1,351,621 average sales price record set in 2007. The increase was skewed by the surge in higher priced sales, especially from new development activity. This year also marks the twelfth consecutive annual increase in the metric over the previous year, beginning with the $399,501 average sales price in 1996. Median sales price exceeded the $900,000 threshold for the first time, rising 11% to a record $955,000 from a record $860,000 in 2007. Median sales price has risen for 13 consecutive years beginning in 1995, when this metric was $207,500. Price per square foot was a record $1,251 per square foot, 11.7% higher than the record $1,120 per square foot in 2007 and the third consecutive year this metric has remained above the $1,000 per square foot threshold. Price per square foot has increased over the prior year for the past twelve years.

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