TOWN Residential, a leading real estate company based in New York, has released its quarterly report, The Aggregate, for the last quarter of 2015. TOWN Residential specializes in luxury residential properties in NYC apartments for sale and its environs. In the report, it is obvious that the trend of sales in Manhattan has been on the rise, and compared to the previous year, there was an average increase of 5.2% over the same quarter. Median sales volume recorded a 16% increase to $1,150,000.
Additionally, the price per square foot increased to reach a record high that was evidenced median sale trends which was 6.2% more than the previous year. Condos in Manhattan recorded the most significant increase at $1,736,250 in the last quarter of 2015, considering the year to year gains. The price per square foot in the median residences revealed 11% more than the year, and 7.6 percent more than the 3rd quarter of 2015. On average, a co-op was selling at $1,272,902 in Manhattan, an increase of 4.6 percent compared to the third quarter of the same year.
The Aggregate has revealed the rise in price trends in almost every segment in the fourth quarter considering all properties by size. For instance, a three-plus bedroom condo was selling at $4,421,300, while a median co-op of the same size recorded 15 percent increase in the last quarter of 2015. Andrew Heiberger, the founder and Chief Executive Officer of TOWN Residential, noted that there is a wider gap between newly development properties and those offered for resale. In early 2015, resale values hit record high, but the situation started to stabilize in the late-summer according Wendy Maitland, Head of Sales at TOWN.
Wendy revealed that the firm is still experiencing record prices as a result of year-over-year basis. By 30th December, there were more than 7,900 units that included coops, townhouses and condos in New York real estate market. Manhattan alone had more than 4,300 units, recording more than half of the units available for sale. Real estate experts at TOWN Residential view this inventory as sufficient and suggest a more balanced and healthy 2016. The fact that buyers are promptly informed, they are ready and able to buy the best property but not at any price, the report reveals. TOWN Residential releases The Aggregate after comprehensive research has been conducted on the entire real estate industry in New York City.