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Trends from last quarter:
- The average sales price topped $2 million, marking a new all-time high. The average Manhattan apartment sold for more than $2 million for the first time, reaching $2.089M. This is up 8% from last quarter and 15% from last year.
- Meanwhile, sales volume was down while available inventory rose. Manhattan’s overall closed sales figure in the first quarter decreased 5% year-over-year, and signed contracts dropped 11% from First Quarter 2015. Meanwhile, inventory increased 8% year-over-year due to a jump in resale condo listings.
- New development sales remained strong. Manhattan new development sales increased 42% year-over-year, continuing the year-long trend of double digit annual percentage increases. The figure was down 15% from Fourth Quarter 2015, however, which had several large developments in closings.
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