Manhattan real estate prices continue to rise, according to the latest edition of The Aggregate, the report published by most notable luxury NYC real estate on townrealestate firm, TOWN Residential. Originally reported on Virtual Strategy Marketing, the data from The Aggregate indicates the steady rise towards record level prices on various types of property in the city.
In general, the average price a property sold for in Manhattan in 2015 was %1,976,660, a 5.2% rise from the previous year. Condos were the overall leader in price increases, with 20% price gains translating to a median sale of $1,736,250. Price per square foot netted an increase of 11% from the year before. Co-ops saw an increase of about 6.4% overall and a 6.3% increase in terms of square footage.
The Aggregate and TOWN Residential credits the growing numbers of quality real estate properties for the increase in average prices and price per square foot. Perhaps being sold at lower prices, the overall number of units being sold are higher, which pushes the average price up. In Manhattan, there are 4,326 properties up for grabs, with prices ranging from under $2 million, to luxury locations going for upwards of $10 million. It is a buyer’s market, with those considering purchasing new properties feeling unwilling to break the bank to acquire them. Prices must be adjusted accordingly, a strategy which, according to the numbers reported, seems to be working in favor of the bottom line. The balance is expected to continue throughout 2016, with more properties being available to buyers at a reasonable price, and more units being sold throughout the city.