A recent release from Virtual Strategy Marketing has helped to shed some light on the NYC real estate market. The release covered the newly released Aggregate report from TOWN Residential. TOWN Residential’s quarterly report contains a bevy of information related to this rapidly changing marketplace.
First and foremost, prices have continued to go up nearly across the board. Average sale and median prices have shot up 5.2% and 16%, respectively, year-over-year. Coupled with these gains is a rise to new record highs of price per square foot. The average price has reached $1.505, up over 8% in the last quarter alone! Median price per square foot is also up significantly, reaching a high of $1,365.
The biggest gain in the market has been with condos, which posted a 20% year-over-year gain in Manhattan. These pricey dwellings are now selling for an average of $1,736,250. More importantly, three bedroom co-ops have been steadily rising as well. Up 15% over the last year these homes have now risen past the $3,000,000 mark.
Although it seems as if there is no end in sight for rising prices, TOWN Residential has some interesting news. A major reason for the rise in many of these prices has been due to the fact that a significant amount of new luxury properties have been closed on, skewing prices higher. The resale market, on the other hand, has actually been stabilizing recently.
This comes as good news for many buyers, who previously were at the mercy of sellers if they were to obtain coveted real estate in Manhattan. Now, it seems as if informed buyers are taking their time, which is evident in the increase in median days on the market for new houses. This has also allowed a healthy inventory to build up, with over 4,000 houses currently on the market in Manhattan.