Manhattan, New York Property Historical Price Trends
Posted by Wei Min Tan on January 3, 2019
Manhattan Condominiums and Cooperatives
Using data published by Miller Samuel and the Elliman Report, below are graphs for Condominiums and Cooperatives blended mix for price per square foot, median price and sales volume.
Average price per square foot: Graph above shows historical appreciation trend of Manhattan condominiums and cooperatives in terms of average price per square foot. In 1997, the average price per square foot was $328. 2017 set the new price record at $1,775 per sqft, then decreased to $1,658 in 2018 amid an oversupply of high end apartments, the new federal tax bill, global trade wars and rising mortgage rates.
Note that the average price per square foot of a Manhattan condominium in Q4’2018 was $2,152, representing a significant premium over the condo/coop average shown in the graph.
Graph shows the historical median price of a Manhattan condo/coop increasing from $239,000 in 1997 to $1,075,000 in 2018.
While the graph shows the blended average of condo/coop, note that the median price of a Manhattan condo in Q4’2018 was $1.479 million.
Number of transactions:
Graph shows the trend for number of transactions per year, from 1997 to 2018. The peak was 13,430 transactions in 2007, the height of the market, while the valley was 7,430 transactions during the recession of 2009.
Wei Min Tan is a Manhattan, New York property broker focusing on global investors. He has been interviewed by CNBC, CNN, New York Times and The Wall Street Journal on the subject of investing in Manhattan property. Wei Min can be reached at email@example.com