With the beginning of a new year comes The Aggregate, Town Residential‘s quarterly residential market report. One of New York’s most prominent luxury real estate firms, Town Residential reports a continuing rise in price action for the fourth quarter of 2015. The average sales prices in Manhattan rose to $1,976,660, a 5.2% gain. There was also a 16% growth in the median sales price to the sum of $1,150,000.
Trends in price per square foot have continued to rise, reaching $1,365 by year’s end, an increase of 6.2%. The most compelling year-over-year gains came from the median sales price of condos in Manhattan, with an almost 20% increase for the fourth quarter, coming in at $1,736,250. There was also a significant increase in median price per square foot trends, up 7.6% from the third quarter of 2015, and a staggering 11% from the year ago period.
There was an increase of 4.6% in the average Manhattan co-op price, up to $1,272,902 from $1,217,017 in 2015’s third quarter. The average price for a Manhattan co-op rose 6.4% on a year-over-year basis. Average price per square foot saw a 6.3% rise from the year ago period, coming in at $1,087.
There were increasing price trends in nearly all segments of the properties by size category during the fourth quarter. The median price of a one bedroom condo was $1,080,000, while a two bedroom condo was $2,056,865, and a three-plus bedroom condo was $4,421,300. On a particular note, there was a 15% increase in the median price of a 3+ bedroom cooperative over the last quarter, eclipsing the $3,000,000 mark.
The Aggregate is a report of residential sale transactions from October through December. It offers insight into current market conditions and trends with comparisons of the transaction values with quarter-over and year-over values.