Town residential recently released its quarterly residential market report. The firm, which specializes in luxurious real estate, released The Aggregate, which is their quarterly report journal. The report, which records a rise in price action focuses on the New York real estate. So far, the rise has not filtered the lagging sales. The average Manhattan sale price annually records a 5.2 percentage gain reaching $1,976,660.The median sale was higher than in 2014 coming in at 16 percent. By the end of 2015, the median price per square foot was higher by 6.2 percent. The average price for every square foot has shown a significant rise of 8.4 percent.
The sales of condominiums in Manhattan recorded a 20 percent increase settling at $1,736,250 during the fourth quarter of the year 2015. The median price for every square foot shot up to $1,606, a sharp increase from the previous year and higher by 7.6% from the third quarter of 2015. Co-op in Manhattan averaged at $1,272,902 in comparison to the $1,217,017 that was recorded in the third quarter.
The report, which carefully studied and categorized the properties by size, showed the increased prices in all categories for the fourth quarter. According to the report, the median price of a one-bedroom condominium was $1,080,000 while a two bedroom and three bedroom houses went for $2,056,865 and $44,421,300 respectively. Over the last quarter, the median price of a three bedroom cooperative had risen to 15 percent and exceeded the $3,000,000 target. This information was originally reported on Virtual Strategy marketing.
Andrew Heiberger, the chief executive officer and founder of TOWN Residential said that the new development sales and trends have made Manhattan feel the widening gap. Despite other recent findings that show the rise in prices in Manhattan, Andrew insists that this should be attributed to the new developments. The resale markets have become stable now that sellers have adjusted the pricing from the high levels that were recorded at the beginning of the year. However, some sales are still contributing to the year over year profits. According to the inventory, there is hope that in 2016 the market will be balanced and will offer buyers good opportunities.