The leading New York real estate firm TOWN Residential, specialized in luxury real estate services for NYC apartments for rent, recently released their fourth quarter analysis. The report a consistent rise in price action and the soft patch has yet to stagger down the line and hit the market.
By the end of the year, price per square foot was reaching record high levels reaching 6.2% higher than the year before. This confirmed the year over year growth and also showed an 8.4% rise from the previous quarter.
With this middle sales price, including the nearly 20% increase, Manhattan condos showed the biggest growth. While other areas are averaging roughly $1,505 per square foot, Manhattan is averaging roughly $1,606. Manhattan co-op sales are also up, previously they came in at $1,217,017, and the fourth quarter saw a jump to $1,272,902. When the properties were looked at by size, the report showed growing price trends in nearly all areas in the final quarter of the year.
Over the past year, Manhattan has seen a growing gap between newer development sales and the resale market. While the area shows a boost in the area, this is largely attributed to the areas trophy listings in new developments. The resale market is seeing a stabilization as sellers are now adjusting their prices from the peak levels hit earlier in the year. This has made it so the end of the year is simply a soft patch instead of a systematic downshift.
TOWN Residential says that they are still seeing sales at record prices which are helping add to the year over year gains. New York City overall had 7,963 units, including condos, on the market, 4,326 of those were located in Manhattan.
The power in the market is still shifting to the buyer, who is often more cost careful in their approach to any purchase, this combined with the quarters sharp increase in median days on the market, has changed the way things are moving. Buyers are now aware of their options and are not willing to pay any price for their purchases.