The price of a Manhattan apartment just hit a new record.
The average sales price for apartments in New York City jumped 15 percent in the first quarter to $1,773,523, according to a report from Douglas Elliman Real Estate and Miller Samuel. The average price per square foot jumped 16 percent to $1,363.
The report shows the continued strength of the high-end real estate market–especially among global buyers in the world’s top wealth centers. But it also shows that the building boom in trophy penthouses and ultraluxe condos may be overheating.
Inventory jumped 19 percent in the quarter for all apartments and listing inventory for condos soared 28 percent. As parts of Manhattan have become enormous building zones for giant glass condo towers, even more apartments are expected to come on later this year and next. The supply of new-development apartments rocketed 55 percent in the quarter.