Fourth Quarter NYC Real Estate Prices Climb, Eyes Set on Strong 2016

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.

New York Real Estate And Finding The Perfect Home

Finding a home in New York City has long been something that people have struggled with. Because of the high demand of the city, it has been difficult for people to find what they wanted at a price that wasn’t through the roof. People who want to live in the city have been waiting for many years to be able to get what they want out of the city living experience. Everything is about to change for these people because the market is becoming better and the prices are going down while the available space is going up.

As reported by The New York Times, there are many things that are changing about the market. There are more apartments and housing options that are becoming available and it is expected that even more will be available in the next few years. This is something that hasn’t happened in New York City for a long time. To go with this rising number of homes available, there are also lower prices than New York City has seen in years. The lower prices and more available spaces in New York City means that more people will be able to move into the city.

When there are a lot of people moving into the city, there can be a strong need for a real estate agent. By finding the right real estate agent, you will be able to find a great home in the price point that you are looking for. Real estate agents give you the competitive edge that you need to be able to get a home before other people who are looking for the same thing in the New York area. Town Residential will be sure to give you everything that you need while you are looking for a home.

Town Residential is a premium NYC real estate company based out of Manhattan that helps its clients find all of the apartments or homes that they could want. With a dedication to its clients, the company has made big strides in the way that real estate New York City is handled. There are many ways that you can get what you want while you are looking for a home or an apartment in New York City but choosing Town Residential for your real estate agent will allow you to be sure that you will get what you want out of the home that you choose.