First Quarter 2015 Manhattan Market Snap-Shot, TOWN Residential
“From median price points to median price per square foot, we continue to see numbers trend higher than 2014 – but at a slower and healthier rate,” said Andrew Heiberger, founder and CEO of TOWN Residential.
New York, New York (PRWEB) April 01, 2015
TOWN Residential, New York’s leading luxury real estate services firm, has released The Aggregate - the firm’s quarterly residential market report. The first quarter 2015 report reveals the median price of a Manhattan three-or-more-bedroom has exceeded $3,500,000 and two-bedroom median prices have topped $2,000,000.
Among the reported trends, the report shares an 8.7% increase in the average sale price of a Manhattan apartment from $1,683,216 in the first quarter of 2014 to the current $1,829,276. Market-wide, sustained inventory shortage was evidenced by a quarter-over-quarter curtailment to 60 median days on market, a 23% decrease, and reduction in the absorption rate to 3.7 months of supply.
Examining the individual neighborhoods, The Aggregate showed positive pricing trends during the first quarter. Downtown regained the lead of the three-plus bedroom market with a median price of $3,890,000. Midtown commanded the highest median prices for two-bedrooms and Downtown reported the highest one-bedrooms with $1,995,000 and $975,000 respectively.
The average price of a Manhattan condo decreased 8% as compared to fourth quarter 2014, from $2,457,797 to $2,257,105; while decreasing 2.5% year-over-year. When compared to the same period in 2014, limited inventory coupled with continued low interest rates resulted in a 5% reduction to 71 median days on market.
The cooperative market demonstrated modest quarter-over-quarter growth to a reported average sales price of $1,194,152 and average price per square foot of $1,047. Contrary to market-wide findings, there was a 10% increase in median days on market from 80 days in the fourth quarter to currently reported 88.
“From median price points to median price per square foot, we continue to see numbers trend higher than 2014 – but at a slower and healthier rate,” said Andrew Heiberger, founder and CEO of TOWN Residential. “The inventory crunch continues, and while the power is currently still in the hands of the seller, it is the distinctive properties that are priced appropriately which are garnering the most attention from buyers.”
“Although there is a lag in sales volume reporting due the filing of closings within ACRIS, indicators do point to a decrease of closed sales activity quarter over quarter,” said Wendy Maitland, TOWN Residential President of Sales. “We are entering the historically busy spring season, with the luxury market leading the way. When comparing the activity in March 2015 to February 2015, there has been a 23.5% increase in contracts signed within the $10 million and up ultra-luxury market and a 22.3% increase within the $5 million to $10 million segment. An analysis of the properties in contract underscores the importance of pricing based on the context of the current market.”
The Aggregate is a comprehensive study of 2,145 residential sale transactions across three distinct asset classes – condominiums, cooperatives and townhouses – from January through March 2015. The report compares those transaction values with quarter-over and year-over values, while providing invaluable insight into current trends and market conditions. Data is drawn from the rolling sales data of the Manhattan market along with the live ACRIS feed provided by the New York City Department of Finance.
The report can be viewed online at http://www.townresidential.com
About TOWN Residential: TOWN Residential is New York’s leading luxury real estate services firm. Founded in 2010, TOWN Residential was created by CEO and co-chairman Andrew Heiberger and is co-chaired by Joseph Sitt. An integral part of the New York real estate landscape, TOWN has a team that exceeds 650 licensed professionals and staff in the corporate headquarters at 25 West 39th Street and nine neighborhood offices: TOWN Greenwich Village, at 530 LaGuardia Place; TOWN SoHo, an 1886 landmarked corner storefront at 337 West Broadway; TOWN 79th Street, a corner storefront at 239 East 79th Street on the Upper East Side; TOWN West Village, a trophy office at 446 West 14th Street; TOWN Astor Place, a block-storefront space overlooking historic Astor Place in the Gwathmey Siegel-designed Sculpture for Living at 26 Astor Place; TOWN Fifth Avenue, located in the prestigious Crown Building at 730 Fifth Avenue at 57th Street; TOWN Flatiron, located at 110 Fifth Avenue and 16th Street; TOWN Greenwich Street, nestled in the heart of the Financial District at 88 Greenwich Street; and TOWN Gramercy Park at historic 33 Irving Place. For more information about these offices and TOWN Residential, visit http://www.townresidential.com.
