Average price of Manhattan apartment above $2M for first time

NEW YORK, Dec. 14 (UPI) -- The price for a Manhattan apartment, including co-ops and condos, increased by 15.7 percent in 2016 to set a record average sales price of $2.2 million, new data show.

The average sales price in 2015 was $1.9 million, which was also a record. The average sales price for a condo in 2016 was $3.1 million, up $2.6 million from last year, while the average sales price of a co-op was $1.3 million, a decrease from $1.4 million last year, the 2016 CityRealty Year-End Manhattan Market Report shows.

The median sales price of $1.2 million, which is also a record, is a 9 percent increase from last year's median of $1.1 million

"Manhattan real estate prices continued to soar in 2016, setting new records," the report said. "Average and median sales prices for all residential units in Manhattan -- both condos and co-ops -- have increased significantly since 2006. This year's average apartment price of $2.2 million is 91 percent higher than in 2006. This year's median price of $1.2 million is 62% higher than it was in 2006."