Recently, Town Residential, a leading luxury NYC real estate firm in New York released its quarterly residential market report, the Aggregate for the last quarter of 2015. The report indicates a continued increase in price action. This information was originally reported on Virtual Strategy Marketing.
Manhattan posted a gain of 5.2% year-over- year average sales prices rising to $1,976,660. The median sales prices rose by 16% when compared to the previous year to $1,150,000. By the close of 2015, price per square foot hit new record levels with the median trends at $1,365. This is 6.2% higher than 2014. Compared to the third quarter of 2015, the price per square foot trends rose to $1,505, which is an 8.4% rise.
The most year-over-year gains were posted by Manhattan condos with an increase of nearly 20% in the fourth quarter of 2015 to come in at $1,736,250.
Co-ops in Manhattan went for an average price of $1,272,902 in the fourth quarter of 2015, an increase from the third quarter’s price of $1,217,017. The average price of the co-ops on a year-over-year basis rose by 6.4%. Trends for average square foot came in at $1,087, a 6.3% rise from a year ago with a slight increase relative to the third quarter’s $1,066.
According to Andrew Heiberger the CEO and founder of Town Residential, the closing in of pricy listings in new developments is the reason behind the increase of market prices in Manhattan. This is because of the widening gap that Manhattan has been experiencing between new developments and market trends. Wendy Maitland, the president of sales at the firm notes that the record prices are still contributing to the year-over-year in the market average price per square foot.
Itzy Garay, the executive vice president of sales and leasing at Town Residential points out that the power is steadily shifting to the buyer. The sharp rise in median days on market was contributed by their cost conscious approach. According to Itzy, the information that they have at their disposal makes them able and ready to buy but not willing to do so at any price.
It offers invaluable insights into the current trends and conditions in the market. It draws its data from the live ACRIS feed that is availed by the New York Department of Finance and the Manhattan market rolling sales data.