New York’s leading luxury real estate firm, TOWN Residential, released the firm’s quarterly residential market report on NYC apartments for sale, which reveals escalation of prices. Manhattan average sales prices gained 5.2%, recording $1,976,660 while median sales registered a sales price growth of 16%, recording $1,150,000, year-over-year.

Coming in 6.2% higher than 2014, the price per square foot by median trends came in at $1,365, which indicated 8.4% increase on an average. Posting almost 20%, the median sales price of Manhattan condominiums were the highest year-over-year gains recording $1,736,250 while median price per square foot went up by 11% as from 2014.

Manhattan co-ops posted $1,217,017 averagely; 4.6% increase from the third quarter and 6.4% year-over-year. The average prices per square foot in this section were $1,087, a 6.3% increase from a year ago.

Reviewing properties by size, there was a steady increase of prices in all segments. Median prices of a one, two, and three-plus bedroom condominiums were $1,080,000, $2,056,865 and $4,421,300 respectively. A three-plus co-op surpassed the last quarter price of $3,000,000 by 15%.

The founder and CEO of TOWN Residential, Andrew Heiberger, posited that there has been an increasing gap between new development sales and trends within the resale marketplace of Manhattan. Andrew Heiberger sheds light on existing resale market by pointing out a forthcoming stability. This, he said, will be brought about by the sellers’ adjustments to their price expectations from the highest levels hit earlier in 2015.

Wendy Maitland said they are still seeing some transactions at record prices, which are accountable for year-over-year gains in average prices per square foot. On 30th, December, there were 7,963 units priced at $2-5 million, 601 units selling at between $5-10 million and 493 luxury units costing over $10 million. The president in charge of sales at TOWN Residential, Wendy Maitland, concluded that this inventory is a sign of a more balanced 2016 market, which will offer buyers great opportunities.

Itzy Garay, executive vice president of sales and leasing at TOWN Residential, said the cost-conscious approach of buyers is responsible for the solid increase in median days. He added that the informed buyers are ready and able but no longer willing to buy at any price.

The analysis is an intensive study of residential sale transactions in all categories from October to December, 2015. The compared data is sourced from the rolling sales data of Manhattan market and the live ACRIS feed from the New York City Department of Finance. This information was originally reported on Virtual Strategy Marketing.

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