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Trends from last quarter:
- Manhattan Sales Off to a Strong Start in 2015.
Buyer confidence in the Manhattan market, economic and population growth and low interest rates combined to help closed sales increase year-over-year (12%) and quarter-over-quarter (7%).
- Lack of Product Continues to Drive Prices Higher .
Median price increased to $955K, the highest price in over six years. Median price per square foot also reached new heights at $1,211 per square foot. Average price per square foot, at $1,602, was 5% above last year’s figure.
- Inventory Continues to Grow, Remains Skewed Toward High End
Units over $5M represent 19% of active listings but captured only 5% of sales during First Quarter 2015. This discrepancy means inventory is even more limited for the 95% of buyers who are purchasing apartments under $5M.
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