The average Manhattan apartment now costs over $2M

The median price was $1.1 million during the same period, up 17.3 percent from a year earlier.

On the lower end of the market, especially for studios and one bedrooms, which are the least expensive types of apartments, competition remains fierce.

These smaller units were on the market for a shorter amount of time than the same sized units for sale during this quarter last year. For instance, the average number of “days on market” for studios was 22 percent shorter than the year before, dropping to 83 days; one-bedrooms saw a 19 percent drop to 76 days, according to Corcoran's first quarter report.

.....just talkin to myself on SE...hey Apple stole your identity iPhone SE...Special Edition Manhattan Real Estate

It will be interesting to see what the next quarter's numbers reveal.

Keith Burkhardt
The Burkhardt Group

"I think of the market as three broad areas all performing in different ways," said Jonathan Miller, whose appraisal firm, Miller Samuel, prepared the report for Douglas Elliman. "And the further down in price you go, the more intense the demand is."

Ah for the days back in the mid 1990's when a large 2 bedroom (convertible 3) with balcony, in a doorman building sold for $400k.

@RealEstateNY-Yeah, but we thought that was expensive! I remeber when 99 Jane opened at $500 a F2, people thought it was nuts.

Keith, you're so right. LOL!!

High end will be slow as Wall Street /hedge funds are not doing well. Below 2.5mm and 1500 per sq ft will remain strong. New construction seems to be doomed.

It is interesting how the market just keeps moving forward in most sectors here in Greenwich Village. The pace has slowed to a trot or canter, perhaps, from a gallop this last year, but consider this. In 2008, pre-Lehman, one bedrooms/jr.-fours in the better buildings were going for about $900K-$1.25MM. Those same apartments are now selling briskly when available for $1.25MM-$1.75MM or even a bit higher.

kyle, Except the new condo in Greenwich Village. 37 east 12th, 17 east 12th, and 13th and 5ave sitting unsold. I thought they can move at 2500 per sq ft but it seems that market will clear at low $2000 except for the penthouses. High taxes and high maintenance for small full service condo buildings are killing the new developments. Coops continue to sell well in the village but do not seem to be going up any more.