July 1, 2015
Town Residential property listing in Union Square
In the second quarter of 2015, New York real estate prices generally saw a modest year-over-year increase, according to research from agency Town Residential.
The firm's report, "The Aggregate," found that while market-wide Manhattan apartment average prices fell 5.28 percent from the previous quarter to $1.8 million, the median price per square foot rose to $1,250 from $1,228. Real estate within the city also moved faster this quarter, with a 10 percent drop in days on the market before sale.
Town Residential’s The Aggregate studied 2.082 residential sale transactions across condominiums, cooperatives and townhouses from April to June. The agency draws data from the rolling sales data of the Manhattan market along with the live ACRIS feed provided by the New York Department of Finance.
On the rise
The average sale price for a Manhattan co-op saw a 9.44 percent increase from the first quarter, rising to $1.3 million. This is a 12 percent increase from the same period in 2014.
Condominiums spent more time before sale than the same time last year, but the average price increased 10 percent from the year-ago.
Downtown drew the highest prices for the up to two bedroom market, while the Upper East Side attracted the highest average sale price for three bedroom plus apartments, with a median price of $4.7 million.
Town Residential listing in Soho
“During the second quarter, we saw a consolidation of asset prices, as buyers and sellers continue to adjust to sustained inventory constraints across the Manhattan marketplace,” said Andrew Heiberger, founder and CEO of Town Residential in a brand statement. “The consistent lack of inventory continues to support a market environment that can produce record breaking and headline making prices, as domestic and international demand for Manhattan luxury property deepens.”
Last quarter, Town Residential found that the median price of a three-bedroom apartment in New York has exceeded $3 million.
For the first quarter of 2015, the New York real estate firm found that shares increased 8.7 percent in the average sale of apartment from $1,683,216 to the current asking price of $1,829,276. Understanding where affluent consumers reside can help luxury brands decide the best neighborhoods to open and maintain a retail presence (see story).
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