A NYC real estate firm known as TOWN Residential released its quarterly report on residential market called The Aggregate. It reveals a continued increase in the price action, with the average prices being almost 2 million dollars. Every year, the average sales prices in Manhattan are reported to have a 5.2 percent gain, currently rising to 1,976,660 dollars. Compared to previous years, the median sales price also recorded significant growth, reaching 16 percent to a mark of 1,150,000.
As 2015 concluded, the trends of price per square foot also continued to rise, reaching record levels. TOWN Residential reported that it was 6.2 percent higher compared to the previous year when at 1,365 dollars. The trends confirmed that the growth that has been witnessed years after another also recorded a rise of 8.4 percent the previous year and 7.6 percent higher from 2015’s third quarter.
Manhattan co-op’s average price in 2015’s fourth quarter was recorded at 1,272,902 dollars compared to 1,217,017 dollars in third quarter of the same year. This is an increase of 4.6 percent. One the basis of year-over-year, co-op average price rose by 6.4 percent. The average price trends for every square foot were 1,087 dollars, which is a 6.3 percent increase compared to the previous year, and a bit higher compared to the reading of the last quarter which recorded 1,066 dollars.
According to the firm, the median price for a one, two and three or more bedroom condo reached 1,080,000 dollars, 2,056,865 dollars and 4,421,300 dollars respectively. The median price for a three or more bedroom cooperative particularly recorded an increase in 15 percent compared to the last quarter, which means that it surpassed the 3,000,000 dollars mark.
According to the CEO and founder of TOWN Residential Andrew Heiberger, Manhattan experienced a big gap between trends and new developments when it comes to the resale markets. He continues and notes that this is mostly due to the trophy listings closing within new developments. When one looks at the already established resale market, stabilization will be noted since sellers are beginning to adjust price expectations earlier in the year. There are also transactions that have reached record prices, which also contribute to gains in year-over-year.