The { Real Estate } Life: First Quarter Market Conditions and Trends

The { Real Estate } Life: First Quarter Market Conditions and Trends

It’s always important to stay in-the-know, as we enter spring and say goodbye to the first quarter of 2015 its the perfect time to time to look back and take a snapshot of the current NYC real estate market.  The market has settled for resales and we will see new market prices as soon as the new developments start closing in the next 4 – 8 months.  The following data is a combination of the TOWN Aggregate report and article on Wall Street Journal.

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TOWN Residential’s Analysis of the
Manhattan Real Estate Market,
Sheds Light on First Quarter
Market Conditions and Trends

Report reveals median three-bedroom prices exceeding $3,500,000 and two-bedroom prices topping $2,000,000

Manhattan Market-Wide Metrics

TOWN Residential, New York’s leading luxury real estate services firm, has released The Aggregate – our quarterly residential market report. The first quarter 2015 report reveals the median price of a Manhattan three-or-more-bedroom has exceeded $3,500,000 and two-bedroom median prices have topped $2,000,000.

New Record: Most Expensive Closed Sale: One57, unit 90 for $100MM

Among the reported trends, the report shares an 8.7% increase in the average sale price of a Manhattan apartment from $1,683,216 in the first quarter of 2014 to the current $1,829,276. Market-wide, sustained inventory shortage was evidenced by a quarter-over-quarter curtailment to 60 median days on market, a 23% decrease, and reduction in the absorption rate to 3.7 months of supply.

Apartment Sales Volume

Total $ Volume of Closed Sales: $4.5B

Examining the individual neighborhoods, The Aggregate showed positive pricing trends during the first quarter. Downtown regained the lead of the three-plus bedroom market with a median price of $3,890,000. Midtown commanded the highest median prices for two-bedrooms and Downtown reported the highest one-bedrooms with $1,995,000 and $975,000 respectively.

Share of Inventory over $3M: 30.6%

The average price of a Manhattan condo decreased 8% as compared to fourth quarter 2014, from $2,457,797 to $2,257,105; while decreasing 2.5% year-over-year. When compared to the same period in 2014, limited inventory coupled with continued low interest rates resulted in a 5% reduction to 71 median days on market.

New Record: Average Sale Price for Co-op Resales: $1,194,152

834 Fifth Ave., where a co-op duplex just sold for a record $77.5 million.

The cooperative market demonstrated modest quarter-over-quarter growth to a reported average sales price of $1,194,152 and average price per square foot of $1,047. Contrary to market-wide findings, there was a 10% increase in median days on market from 80 days in the fourth quarter to currently reported 88.

Resale co-ops and condos set record prices in first quarter, but new-condo prices fell, as did overall sales numbers

The Wall Street Journal wrote an article, Manhattan’s Mixed Residential Market, that states that resale co-ops and condos set record prices int he first quarter, but new condo prices fell, as did overall sales numbers.



Claudia Saez-Fromm

An entrepreneur, innovator, and singularly successful real estate salesperson, fitness fiend, foodie, mommy, and fashion fan.

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