Manhattan Real Estate Has Just Hit an All-Time High

According to a report from Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers and Consultants,the prices for Manhattan’s real estate have just hit an all-time high. Apartments in the New York city are now
averaging at $2.19 million.

The report has revealed that the total number of sales has grown 15 percent compared with last year, to 3,153. The average sales price hit $2.19 million and saw an 8% growth compared to the period last year. The median sales price hit $1.19 million and was up 7% compared to the year ago period. This was a record.

Jonathan Miller the president of Miller Samuel commented, “The expectation for the second quarter had been more modest. We did see the market cool in April. But by May the market kicked in and the quarter ended up finishing strong.”

“Sellers realized that if they wanted to move their property, they needed to be more realistic,” he said.

According to Miller the outlook for the upper end has imrpoved. “I think the upper half of the market is stronger than we think,” he remarked.