According to the Virtual Strategy Marketing website, the New York City real estate market continues to surge as noted in the fourth quarter report of The Aggregate, which is a quarterly release that is published by the New York City luxury real estate mortgage firm TOWN Residential. The report revealed that the financial capital of the world has seen positive growth trends in residential sales in nearly every statistical column of the regional housing sector.
Despite residential growth being strong in all of the boroughs, the epicenter of New York State, Manhattan, is leading the charge in new development sales, co-op sales, condo sales and size category sales. For example, the fourth quarter median sales price for Manhattan homes surpassed 2014 rates by 16 percent to $1.1 million per unit. In addition, year-over-year statistics revealed that the average home price rose by five percent to $1.9 million. The report also documented that Manhattan homes averaged $1,400 per square foot, which reflected a six percent increase compared to the previous year. Year-over-year rates per square foot rose by 8 percent to $1,500.
Manhattan condos continued to experience positive growth trends as the median sales price rose by 20 percent to $1.7 million per unit. The impressive price increase translates into the cost of $1,600 per square foot, which represents an 11 percent increase from the previous year and a seven percent increase from the previous quarter. Unit size categories for condos are experiencing positive growth trends across the board as the median price of one bedroom condos comes in at $1.08 million, two bedroom condos at $2.05 million and three bedroom condos at $4.4 million.
Co-ops indicated a slight price increase of four percent at a median sales price of $1.27 million, which reflects a year-over-year increase of six percent. In addition, the average sales price per square foot of a New York City co-op increased by six percent to $1,066. The report revealed that the median price of a three-or-more bedroom co-op increased by 15 percent and eclipsed $3 million per unit compared to the previous quarter.
Obviously, the Manhattan region is experiencing a healthy growth trend that reflects the strength of the regional economy and the attraction to NYC by international transplants and Americans who are migrating into the city. The TOWN Residential report, The Aggregate, is a powerful tool that empowers investors and home buyers to enter into the market with confidence and knowledge of the trends that are dominating the New York City landscape.