For the second year in a row, Manhattan real estate prices soared, setting new records. For the first time, the median price for an apartment - including both co-ops and condos - was above $1 million.
The average sales price for co-ops and condos in 2015 was $1.9 million, topping the $1.8 million record set in 2014. The median sales price of $1.1 million for all apartments represented a 11% increase from last year, when the median was $970,000.
Average and median sales prices for all residential units in Manhattan - both condos and co-ops - have increased significantly since 2005. This year's average apartment price of $1.9 million is 72% higher than in 2005. This year's median price of $1.1 million is 60% higher than it was in 2005.
The graph below illustrates the rise in sales of high-priced units over the past few years. Although total sales of apartments over $10 million are projected to decline from $4 billion in 2014 to $3.6 billion in 2015, aggregate sales between $4 and $10 million are projected to increase from $4.6 billion last year to $5.9 billion this year.
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