A top NYC luxury real estate on townrealestate services company in New York, Town residential, has released its report of the residential market trends for the last quarter of 2015, reports Visual Strategy Marketing. The Aggregate is an intensive quarterly study of sale transactions within residential areas across distinct asset classes in New York. It focuses on establishing current market trends and providing insights into market conditions by a comprehensive comparison of transaction values over quarters and previous years.
In The Aggregate’s most recent report of 2015’s last quarter, a continued increase in the price action in Manhattan has been reported, with the price per square foot reaching $1,505. This is an 8.4% increase over the previous quarter’s rate, and overall 6.2% higher than it was a year ago. Sales of Manhattan condos have also contributed to this growth streak with a 20% increase at $1,736,250, while median price per square foot rose to $1,606, making it 11% more than last year. Average pricing of Manhattan co-ops also experienced an increase of 4.6% from the previous quarter at $1,272,902, streamlining with the estimated year-by-year growth rate.
The report showed a hike in price trends of properties of all sizes during the fourth quarter of 2015. The market-wide price of a one bedroom condo has reached $1,080,000, while a three bedroom condo stood at $4,421,300. The latter observed an increase of 15% since the last quarter after it surpassed $3,000,000 in December. While the summer to fall period had been a “soft patch” for the resale market, stabilization is being seen as sellers are opening up to adjusting their peak level price expectations compared to the beginning quarters. This strategy has significantly minimized the effect of this rough patch and saved it from snowballing into a systematic downshift.
The inventory as of December 30th suggests a healthier, more balanced market with equal distribution of 7,963 units for sale in New York City into condos, coops and townhouses. Manhattan saw equitable distribution of units too, with 2,100 of 4,326 units under $2 million, 1,132 units between $2-5 million and the rest falling into the $5-10 million bracket, ensuring more balanced opportunities for willing buyers in the market.
The findings of the report have observed a power shift towards the buyer and a cost-conscious approach befitting them. Availability of hands-on information has resulted in buyers willing to invest on their own terms, no longer at the mercy of fluctuating sale prices in the market.