The Aggregate, a quarterly market report distributed by the luxury real estate firm Town Residential, has been published and features an analysis of the New York City real estate market. The report focuses on Manhattan at length, and gives insight into the activity and trends that happened on the market in the last quarter and how it relates to the rest of the year. The information also helps real estate professionals make predictions about what the market will be like in the future.
According to an article on Virtual Strategy Marketing, the report states that the Manhattan market has experienced a significant growth in sales prices which reached a record high in the last months of last year. The report’s findings reveal that although prices are increasing in all segments regardless of the size of the space, this boon could be attributed to a series of several very high priced sales that occurred just before the end of the quarter.
The differences in sales in the new development market and the resale market are apparent and suggest that reseller’s are catering to a buyers market by evaluating their asking prices to be more appealing to buyers and move their units more quickly. The analysis reasons that this will stabilize the disparities between the two sections of the market and that buyers are driving prices in the market in more ways than one. Because buyers are more knowledgeable than ever before about making god deals in real estate, they are ready and able to buy in their own time and don’t feel it necessary to settle on price.