The reputable New York based real estate brokerage TOWN Residential released their residential market report for the fourth quarter of 2015 for NYC apartments for sale. Titled The Aggregate, their report indicates that prices in Manhattan are maintaining record highs and have risen since the previous year.
Since last year average sale prices in Manhattan saw a 5.2% increase, averages now reaching $1,976,660. Median sale price growth climbed 16% in the same period to $1,150,000. Since 2014 price per square foot also rose, median trends showing a 6.2% increase to $1,365. Average prices per square foot showed an 8.4% increase since the previous quarter to a record $1,505.
Manhattan condos saw the greatest annual increase, median sale prices measuring at $1,736,250 after a 20% increase. In this area median prices per square foot rose 11% to $1,606, prices being 7.6% higher since the third quarter of 2015.
Average prices for Manhattan co-ops rose 4.6% to $1,272,902. On a year-over-year basis average co-op prices increased by 6.4%. Average price per square foot trends measured to $1,087, prices climbing by 6.3% since 2014.
All segments in the properties by size category saw an increase. The median price for a one bedroom condo was calculated at $1,080,000, two bedrooms valued at $2,056,865, and three bedrooms were $4,421,300. In addition, three-plus bedroom cooperatives surpassed $3,000,000 after the median price for them increased 15% since the previous quarter.
The founder of TOWN Residential, Andrew Heiberger, states that the rise in Manhattan prices is mostly the result of trophy listings within new developments that were closed with the end of the quarter. Andrew adds that sellers have been adapting to price trends well enough that they circumvented a downshift during the late-summer to early-fall soft patch.
Wendy Maitland, President of Sales for the firm, states that the year-over-year gains have been influenced by the record prices seen in market-wide square footage. However, after assessing what is available for Manhattan buyers Wendy predicts that 2016 will be a more balanced year with opportunities for them. Itzy Garay, Executive Vice President of Sales and Leasing, adds that buyers are keeping themselves informed and have become more economic as the quarter displays a sharp rise in median days on the market for listings.
The Aggregate acquired this information after review of residential sale transactions over distinct asset classes between October and December 2015. It compares transaction values with quarterly and year-over values and provides details on trends and the market. Further information is inferred from the rolling sales data of the Manhattan market in coordination with the live ACRIS feed that the New York City Department of Finance provides.