Prices for Manhattan real estate hit a new all-time high in the second quarter, with apartments now selling for an average of $2.19 million, according to a new report.
Despite soft sales in the second half of 2016 and an uneven start to the year that led many to predict a slowdown at the high end, sales in Manhattan showed surprising resilience in the second quarter.
The total number of sales jumped 15 percent compared with last year, to 3,153, according to the report from Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers and Consultants.
The average sales price rose 8 percent over the same period last year, hitting $2.19 million. The median sales price also hit a record, up 7 percent to $1.19 million. While homes were sitting on the market slightly longer, inventory fell modestly.