As reported on Virtual Strategy Marketing on January 5th, despite the “soft patch” that New York City’s market experienced in the Fall, the average listing prices are climbing and nearing an average of $2 million. The firm Town Residential just released its quarterly market report of residential property for NYC apartments for rent showing this gain.
For the past several years Manhattan’s average sales have seen a rise of 5.2%, bringing the dollar average to just over $1.9 million. The median sales price saw an even greater rise of 16%, reaching just over $1.5 million. This brings the average price per square foot to $1,505; an increase of 8.4% from the year before. However, the largest increase year-to-year has been in Manhattan condos which have seen a 20% gain for a median of over $1.7 million (an 11% rise in square foot).
Town Residential’s report looks at property sizes to better reveal the trends of the market. The property size that surpassed the $3 million mark with a 15% increase was three-plus bedroom housing. For one, two, and three bedroom properties the median prices were $1.0+ million, $2.0+ million and as much as $4.4+ million.
These trends are reported to have much to do with the gap between new and resale listings. New developments are offering “trophy listings” that are affecting the market medians. Town Residential’s CEO speaks about the credit that these trophy listings get for the quarters closing numbers.
As always the market is in the hands of the buyers. Itzy Garay, Town Residential’s Vice President of Sales and Leasing speaks to this saying “The power continues to shift to the buyer and their cost-conscious approach contributed to the quarter’s sharp increase in median days on market.” Because of the information available to buyer today Garay says they are better armed. More than ever buyers are able to make more informed decisions and are no longer willing to pay just any price. They themselves have become experts.
This quarterly report covers sales and listings from October through December of 2015. Not only does the report cover previous quarter data, it also takes into account year-over data to show a broader picture of the market’s strengths and weaknesses.