Foremost luxury of NYC real estate services firm boasted prices kept on climbing throughout the fourth quarter 2015.
By year’s end 2015, price per square foot trends maintained impressive heights as median development came in 6.2 percent higher than a year ago at $1,365, according to TOWN Residential’s quarterly residential market report, The Aggregate.
The fourth quarter saw the median sales price rise by 5.2 percent in Manhattan year-over-year, rising to $1,976,660 as median sales price growth came in 16 percent higher than a year ago to $1,150,000, as originally reported on Virtual Strategy Marketing.
The prices per square foot also increased at the end of the quarter as compared to the three-quarter reports by just about 8.4 per cent to a new level of $1,505.
What’s more, Manhattan condos showed the most sizable year-over-year gains with a nearly 20 per cent increase, coming in at $1,736,250 for the fourth quarter. The average price of a Manhattan co-op in the fourth quarter was $1,272,902, an increase of 4.6 percent over the third quarter’s $1,217,017.
During the fourth quarter TOWN Residential discovered greater than ever price movement in nearly each and every segment market wide.
For example, the median price of a one bedroom condo was $1,080,000; a two bedroom was $2,056,865 and a three-plus bedroom condo was $4,421,300. Of particular interest is the price of the three-plus bedroom coop which climbed 15 percent over the last quarter and exceeded the $3,000,000 mark.
The report took notice of Manhattan coming across an expanding disparity between new development sales and the resale marketplace. It also has seen a steadiness in the existing resale market as sellers have started fine-tuning their price potential from earlier in the year when prices hit their highest point.
Within Manhattan, there are 5,458 units priced at $5 million and lower; 601 units priced between $5-10 million and 493 luxury units priced more than $10 million.
The inventory advocates a strong and more stable 2016 market for buyers, according to TOWN Residential.