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One the nation’s most expensive real estate markets became considerably more expensive during 2014.
According to a new report from CityRealty covering the first 11 months of 2014, the average sales price for condos and co-ops in Manhattan was $1.8 million, which broke the 2008 record of $1.6 million record set in 2008. Last year’s average sales price was $1.5 million.
Manhattan’s average condo sales prices hit a new high at $2.4 million, up 21 percent from last year’s $2 million peak. The $1.5 million median sales price for condos in 2014 was a 9.9 percent from the record set in 2013 of $1.3 million.
Sales in new development condominiums also increased dramatically in 2014m with 737 new development sales through November 30, a 91 percent increase from the same 11-month period in 2013, during which 386 sales were recorded, and a 46 percent increase from the full 2013 calendar year, when there were 505 new condo sales. New developments sold for an average price of $2,200 per square foot, a 14 percent increase from 2013, when the average price was $1,927 per square foot.
Co-ops also recorded strong sales this year: The average price for co-ops was $1.27 million in 2014, surpassing the previous record of $1.25 million set in 2008. This year's median sales price of $729,000 broke last year’s record of $695,000.
CityRealty also projected that total condo and co-op sales volume for Manhattan will be approximately $22 billion in residential sales for the full calendar year of 2014, based on the
$19.6 billion recorded through November 30 and accounting for seasonality and properties currently in contract. Volume is on pace to be roughly $1 billion higher than the $21 billion recorded in 2013.