The average apartment price in Manhattan hit a record $1.72 million in 2014, according to a report from Douglas Elliman and Miller Samuel Real Estate Appraisers.
.The average sale price for the year topped the previous peak in 2008, of $1.591 million.
The biggest demand and price surge in New York was for new condos. Prices for new development jumped 17 percent over the past year, to an average sales price of $3.156 million, or $1,871 per square foot.
Demand is so strong relative to supply that half of all sales in the quarter were at or above the listing price—the most in six years, according to the report.
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