The Aggregate, a quarterly report on the luxury real estate market in New York City published by Town Residential had some interesting information. The real estate market in New York City apartments for sale continues to see gains in both median price and the amount of time spent on the market.
Agents, investors and prospective buyers should pay attention to the following key data compiled and analyzed by Town Residential. The average price of a sale in the borough of Manhattan increased by about 5% in the past year climbing to near $2 million dollars, while the overall price of sales in the entire city rose 16% and averaged about $1,150,000. This tells something very interesting. Manhattan continues to be the most expensive borough when it comes to homes, but other boroughs such as Queens and Brooklyn are seeing higher growth.
A promising trend for sellers in New York City is that the price per square footage of space continues to rise to record levels. The average price per square foot in New York City was about $1,365 up by about 6% over the year. The latest quarter published also saw an increase in the average square footage price bumping it up to $1,505 according to the latest report. This should give sellers some optimism about getting a good value for their investment or home in New York City.
Manhattan’s real estate market, when compared to other boroughs tends to be more volatile. This is proven by the fact that when new developments are completed, sales tend to boom or peak as prized apartments and real estate is quickly snatched up. Once these prized developments are sold, the Manhattan market tends to slow down and sales are slow.
The resale market on Manhattan is markedly different than the high demand and high sale price typical of new developments. Homes being resold on the market tend to be on the market for much longer than new developments. Combined with a large inventory in Manhattan nowadays, resales now tend to favor the purchasers. The original article on Town Residential’s quarterly report on luxury housing in New York City was published on Virtual Strategy Marketing and can be read in full there.