Town Residential is NYC luxury real estate services firm. In the very recent past, the company released its quarterly residential market report. The report revealed that a continued rise in matters price action was yet to make an appearance in the sales pipeline. Year after another, the Manhattan average sales prices had been able to post gains not less than 5.2%, therefore, rising to $1, 976, 660 at a time when the meridian sales managed to grow to a 16% value than previous years.
At the end of 2015, price per square feet trends continued to reach record levels as witnessed by median trends that also managed to come in 6.2% higher than the previous year when they were selling at $1,365. The average price per square feet trends also went a notch higher by showing an 8.4% increase from the previous quarter.
With almost a 20% increase, the sales price of Manhattan condos managed to post the most significant gains in the period managing not less than $1,736,250 for the fourth quarter of the year. The median per square feet trends also moved solid places up to not less than $1,606 therefore making a 16% increase from the previous year.
On average, the price of a Manhattan co-op house during the last quarter was $1,272,702 compared to about $1,217,008 the previous year. Looking at the market in general, the retail price of one, two and three plus bedroom condo was around $1,070,000, $2,054,865 and $4,420,212 respectively. During the last quarter, it is worth noting that the price of a three bedroom plus co-operative managed to hit the $3,000,000 mark, therefore, making gains of not less than 15%.
Manhattan has no doubt experienced a lot of gap between new development sales as well as trends in the resale marketplace. Even though recent reports show that the increase has mostly been felt in the Manhattan area, it is worth noting that the recent developments have been as a result of trophy listings in new developments.
When looking at the existing resale market, it is worth noting that there has been a lot of stabilization as sellers try to adjust their price expectations from the high levels hit in 2015. Simply put, the real estate market has really changed in Manhattan and surrounding cities. The growth can be largely contributed to the fact that demand has increased therefore taking the prices up.