The Aggregate, a quarterly report on the residential New York City real estate , has now been made available. The report is prepared by Town Residential, one of the top firms in the area for luxury real estate. It gives a picture of how the real estate market is currently doing and shows how prices are changing.
According to The Aggregate, the year-over-year average sales price in Manhattan has risen by 5.2% to $1,976,660. Median sales prices have grown by 16% during the same time period to reach $1,150,000. While real estate in NYC has never been cheap, the most recent data contained in the report shows prices reaching record highs. At the end of 2015, the median price per square foot was of $1,365. The average price per square foot has reached $1,505. This represents a rise of 8.4% from the last quarter.
Prices for Manhattan condos have also increased by a lot compared to last year. The median price for a condo has gone up to $1,736,250, which translates to a year-over-year gain of 20%. Looking at the median price per square foot for a Manhattan condo, an 11% gain from the same period last year has been observed as prices reached $1,606. This is 7.6% higher than the median price in 2015’s third quarter.
The Aggregate also gives details on price movements for other types of properties in New York City, such as co-ops and compares the pries for residential properties of various sizes. This makes it a useful source of information for real estate investors interested in the NYC residential market.
Town Residential has explained the reasons for such significant price increases in New York. Even though there is a continuing boost in prices for Manhattan properties, the firm explained that this is caused by a rise in the sale of newly-built trophy properties. On the other hand, the resale market is stabilizing and sellers are now having to readjust their expectations of how much buyers would be willing to pay. Information about The Aggregate has been originally reported on Virtual Strategy Marketing.