In its latest quarterly update, TOWN Residential has released its latest version of the Aggregate to provide analysis on the Real Estate market within New York City according to Virtual Strategy Marketing. From its inauguration in 2010, the Aggregate is a complete and thorough study of the residential real estate market that produces reports on a quarterly basis, reporting on the performance of real estate to prospective buyers and sellers. The results are collected from rolling sales data and compares quarter-over and year-over values, giving better insight on current and future market trends.
The release continues to show promising results for property owners, as the fourth quarter of 2015 showed an average sale price gain of 5.2% in spite of a slight lag in the late summer. Manhattan Condos showed the greatest increase with a nearly 20% gain in median sales price. The median price per square foot is now over $1500, an increase above six percent over the past year. The significant gains in real estate can be attributed to a healthy listing of new developments. There are nearly 8000 housing units within New York City apartments for sale currently on the market, with over half of those currently within Manhattan.
Overall the market shows a great outlook for potential buyers due to the large market of potential properties and the current upward trend in market price in these prime real estates. The results show that there is a healthy balance of one bedroom, two bedroom, and three bedroom properties are all currently showing upward trends in the market. Moving forward in 2016, expect New York City to attract a wide range of buyers, that will leave sellers happy as well.