According to the Aggregate, a quarterly report released by TOWN Residential, fourth quarter 2015 saw a continued rise in price action. Year-over-year, the city’s average sales price posted a 5.2 percent gain. This meant a rise to over $1 million. Median sales price saw a 16 percent growth over a year earlier, hitting $1.15 million. The information in the latest report accumulates information from October through December 2015.
Per the report, the region was experiencing a widening gap between trends within the resale marketplace and new development sales. The trend is being credited to closing of trophy listings within new developments at the end of the last reported quarter.
Founder and CEO of TOWN Residential, a luxury sales agency, Andrew Heiberger, told Virtual-Strategy Magazine, “Looking at the existing resale market, we are seeing a stabilization as sellers have begun adjusting their price expectations from the peak levels hit earlier this year. It is this adaptability that has turned the late-summer to early-fall soft patch into a blip rather than a systemic downshift.”
Since 2010, TOWN Residential has become an integral component of New York apartments for rent market. Heiberger and its other founders remain a tight group of leaders with success in luxury sales, rentals and new development marketing. Using transparency, a high level of customer service, professional and individualized guidance and a comprehensive understanding of New York’s neighborhoods, TOWN applies experienced, innovative and proven business principles to deliver dynamic results in what is often a volatile real estate market.
The Aggregate is compiled by TOWN Residential’s team of experts. It is a comprehensive study of residential sales across a series of asset classes in the city. The Aggregate compares transaction values quarter-over-quarter and year-over-year using data provided by the New York City Department of Finance.