An illuminating industry report, “The Aggregate,” has been compiled by TOWN Residential, a New York luxury real estate firm. The report is compiled each quarter by utilizing the Manhattan real estate market’s rolling sales date and the New York City Department of Finance’s live Automated City Register Information System (ACRIS) feed. As originally reported on Virtual Strategy Marketing, analysis of Manhattan real estate in the fourth quarter of 2015 reveals several interesting trends:
• The closing of “trophy listings” in newer developments has turned the fall soft patch into an upward blip.
• Year-to-year increase has been 5.2% in average sales prices and 16% in median sales prices overall, with an almost 20% rise in median prices for condos and a 6.4% increase in the average prices for co-ops.
• Increase in media price per square foot was 6.2% and average increase was 8.4%.
• The median price of a one-bedroom condo rose to $1,080,000, while the median price of a two-bedroom condo rose to $2,056,865. Meanwhile NYC Apartments for rent, the median price of a condo with three or more bedrooms topped out at an impressive $4,421,300.
• The median price of a cooperative with three or more bedrooms went up 15% compared to the previous quarter.
• The market looks to be stabilizing going into 2016. Sellers are starting to adjusting their price expectations as compared to the high levels hit earlier this year. This shift in the market should present some good opportunities for buyers.
For additional information on trends in the New York City real estate market, be sure to read the article at Virtual Strategy Marketing.