According to the latest quarterly report released by TOWN Residential the real estate market may slowly be shifting back to a buyer’s market. The report, originally seen on Virtual Strategy Marketing shows that although prices have continued to experience impressive year-over-year growth there is an explanation which will be great news to many buyers.
Year-over-year the final quarter of 2015 has posted some impressive gains across all sectors and price points. The average sale price has gone up 5.2%, while the median has shot up 16% to $1,150,000. This is supported with continued record highs of square foot price which have soared to a median of $1,365 and an average of $1,505.
The largest increase in the NYC Apartments for rent market has easily been in condos. Over the year they increased a staggering 20% to new highs over $1.7 million. Median price per square foot went up 7.6% from the third quarter alone.
However the biggest surprise came in the co-op market. Currently co-op prices are up 15% year-over-year and surpassed a $3,000,000 median price for a three bedroom.
All of these increases and record highs may not seem like good news for buyers, but according to TOWN Residential it is nothing to worry about. A majority of the price increases have been due to the recent closings of high dollar listings in new developments. For buyers looking to purchase in the resale market there has actually been recent price stabilization. Informed buyers are taking more time to make their decisions which is evident with the rise in median days on the market for new listings. No longer are people content to pay any price they see on a listing which could be a sign of the cooling Manhattan real estate market.