Manhattan real estate prices are going through the roof. Average apartment prices hit record highs in the second quarter, up 11 percent from last year’s numbers. Strength in the luxury market and demand for limited space has sent the Manhattan real estate market soaring. The average price of co-ops and condos hit $1.87 million while the average apartment price for luxury properties has jumped 18 percent, reaching $8.18 million. Manhattan has always been a prime location in the real estate market, but average prices this high have never been recorded since tracking began back in 1989. Lack of inventory has fueled the bidding wars for investors and international buyers as real estate developers look upwards, piling into the development of sky high tower blocks. Many sellers have resisted listing their homes for fear of being unable to trade up as 51 percent of Manhattan property buyers end up paying above the listing price. Units under $500 thousand dollars are now in extremely short supply, making up only 11 percent of the total Manhattan property market.
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