TOWN Residential, a leading real estate company in New York apartments for sale focusing on luxury residential properties, has released on The Aggregate, its quarterly market report. The report revealed a progressive increase in price action as the fall is yet to penetrate through the slow sales pipeline. Each year, Manhattan has been recording an average of 5.2 percent price gain, increasing to $1,976,000, while the median sales recorded a growth of 16 percent more than the previous year to $1,150,000.
By the end of 2015, price per sq ft continued on an upward trend, and this was made possible by the median sales which recorded 6.2 percent more than a year ago to reach $1,365. Manhattan condos recorded significant increase in median sales in the last quarter of 2015 to settle at $1,736,250. Median price per sq ft recorded 11 percent increase from the previous to reach $1,606, and it was even 7.6 percent higher than the 3rd quarter of 2015.
A Manhattan co-op was going for $1,272,902 in the fourth quarter of 2015, while in the in the third quarter it was $1,217,017, representing an increase of 4.6 percent. On yearly basis, average co-op prices increased by 6.4 percent. The report further categorized properties based on size, and in virtually all segments, there was an increase in price in the fourth quarter.
On a report on Virtual Strategy Marketing, the CEO of TOWN Residential, Andrew Heiberger, noted that Manhattan has experienced a wider gap between resale and newly developed properties. He credited Manhattan capability to the new developments that were sold in the fourth quarter. Additionally, the CEO noted the sellers of resale properties are adjusting their prices because they had reached their peak early 2015. TOWN Residential relies on this report (The Aggregate) to analyze the market trends across the entire industry. Info on http://www.virtual-strategy.com/2016/01/05/town-residential-analysis-manhattan-real-estate-market-sheds-light-fourth-quarter-market-#axzz3wxq4nb3W.