It is obvious that the York City buyers feel very optimistic about the strength of the real estate market at this point. Higher interest rates do not seem to be a deterrent for the must-have urban buyer. Several benchmark all-time-high records were broken this past quarter. In the first quarter of 2022 the median price of a Manhattan apartment hit a new all-time record of $1,190,000. The median price for a new development also broke a record, hitting $2.3 million.
All of this activity is redefining what is high and what is expensive in this very fluid market.
These numbers qualify to be called thin-air prices:
The prices for a four or more-bedroom apartment hit $6.5 million, an increase up 31% year-over-year, with 80% of apartments sold in New York City cost more than $1,200 a square foot, which representing the highest percentage average on record.
In addition, the number of properties listed in the first quarter of 2022 reached nearly 5,000, which was the most on record. Still inventory has dipped under 6,000 available units for the first time since 2017.
In the first quarter of 2022 the average price of a Manhattan apartment soared 19%, hitting $2,042,000.
For the first quarter of 2022, there were 3,585 sales, which is the highest number on record. This represents a 46% increase over 2021. In addition, the total sales volume skyrocketed by 60% to over $7.3 billion, further depleting much of the inventory supply.
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