A New Revelation Of The Fast Changing Real Estate Market After A Town Residential Analysis of Manhattan Market
New York City has on of the biggest and most expensive real estates markets in the world. Leading this market by offering luxurious real estates is Town Residential. Town Residential is the biggest firm dealing in the luxurious real estate market in New York City. Town Residential for NYC apartments for sale on townrealestate recently conducted a market study on Manhattan to get acquainted with the market trends in the fourth quarter of 2015. As it has been the trend over the past few years, the prices of real estates continued to rise. The analysis revealed that year-over-year average sales price increased by 5.2% to reach a peak price of $1,976,660 while sales in real estate grew by 16 from the previous year $1,150,000. The growth in sales is a good show as it indicates that despite the rise in price, people still had increased interest in real estates in New York City.
The fourth quarter of 2015 saw price per square foot continues to increase to reach a median of 6.2% at $1,365 which is higher than the previous year. Year-over-year prices per square feet averaged at 8.4% at $1,505 from the third quarter. An estimated 20% increase was seen in the fourth quarter of 2015 on a median year-over-year sales price of condos in Manhattan at $1,736,250. The median price per square foot records a rise of 11% from the previous year and 7.6% from the third quarter to stand at $1,606.
Co-ops in Manhattan had a 4.6% rise in price from $ 1,217,017 in the third quarter to $1,272,902 in the fourth quarter of 2015. Year-over-year analysis revealed that the average price of a co-op had a 6.4% rise. The average price per square foot had a 6.3% rise to $1,087 from the previous year and $1,066 from the third quarter of 2015. All sectors of real estate had an increase in price in the fourth quarter of 2015. The median price of a one-bedroom, two bedroom and three-bedroom condos stood at around $1,080,000, $2,056,865 and $4,421,300 in the order of their appearance. The median price of a three-bedroom co-op rose by around 15% from the third quarter to hit above the $3,000,000 mark.
According to Itzy Garay, the Executive Vice President of Sales and Leasing in TOWN Residential, the rise in prices may have been caused by increased demand by customers to own homes in New York. He also speculates that 2016 will have customers with the will and ability to buy real estates in New York but will not go ahead to buy due to high prices.