The mico-segmentation of our market has never been more apparent with trends emerging by price point, building design and type, new development/resale, and even within slices of neighborhoods and on specific blocks.
New York, New York (PRWEB) July 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 second quarter 2015 report reveals the median price of a Manhattan three-or-more-bedroom condominium has exceeded $3,880,000 with median three-bedroom co-op prices topping $3,000,000.
The second quarter of 2015 revealed a continued modest increase in year-over-year price changes across virtually all measured categories. Market-wide, the average sales price of a Manhattan apartment experienced a mild quarter-over-quarter decrease of 5.28%, from $1,917,999 to $1,816,795; although there was minimal uptick in the median price per square foot to $1,250 from $1,228. The continued pace of the market was evidenced by a 10% quarter-over-quarter decrease in days on market, from 60 to 54, along with a simultaneous 5.41% decrease in the absorption rate from 3.7 months to 3.5 months.
Examining the individual neighborhoods, The Aggregate revealed a mixture of increasing and decreasing price trends during the second quarter. The Upper East Side regained the lead of the three-plus bedroom market with a median price of $4,725,000; while Downtown continued to command the highest median prices for studios through two-bedrooms reporting $650,700, $1,115,000 and $1,824,108 respectively.
Experiencing the most significant change was the Manhattan co-op market with the average sales price increasing to $1,308,637, a 9.44% increase over the first quarter and more than 12% increase when compared to the same time last year. As also seen in the condominium market, there was a less than 1% decline in average price per square foot from $1,040 to $1,031; and the median days on market decreased by more than 5% from 57 to 54.
The average price of a Manhattan condominium increased 3% compared to the first quarter of 2015, from $2,389,211 to $2,462,147; while increasing nearly 10% year-over-year. Although median days on market increased approximately 17% compared to this time last year, from 46 to 54, the market continues to quickly absorb fresh supply relative to historical norms.
“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. “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.”
“We have had a very strong quarter in terms of overall sales,” said Wendy Maitland, TOWN Residential President of Sales. “The mico-segmentation of our market has never been more apparent with trends emerging by price point, building design and type, new development/resale, and even within slices of neighborhoods and on specific blocks.”
The Aggregate is a comprehensive study of 2,082 residential sale transactions across three distinct asset classes – condominiums, cooperatives and townhouses – from April through June 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.
Please visit http://www.townrealestate.com/market-reports/ for the complete report.
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.