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If you’ve been spending time looking at New York City apartments for sale because you’ve decided that you want to buy one, it’s very helpful to know the current state of the Manhattan market. And the best way to get a handle on the current market is to look at its condition during the last quarter of 2014.
Key NY Real Estate Market Numbers from Q4 of 2014
According to REBNY market research, the median price per square foot for Manhattan apartment sales was $1,331 during the last quarter of 2014. The more significant number was the average price per square foot of Manhattan condo sales. The fourth quarter figure of $2,338 marked a 37% increase from the fourth quarter of 2013.
The large average price increase in condo sales can be partially attributed to closings at 157 West 57th Street. This location saw a total of nine sales in the $20+ million range. It’s also worth noting that the average sale price of a home in NYC increased 11% to $841,000. Previously, the average sale price of a NYC home during Q4 of 2013 was $760,000.
The Impact of Luxury Condos and New Apartments
Luxury condos were one of the trends that had a significant impact on shaping 2014 and the current market of New York City apartments for sale. Specifically, the number of sales for condos with a listing price of at least $10 million increased by 191% from 2013.
While projections point towards 6,500 new apartments coming to the market in 2015, that doesn’t mean this will provide price relief. Because the bulk of this inventory will lack price diversity, the competition for inventory will continue. That’s especially true for one and two-bedroom apartments, which were the types of apartments that were fastest to go into contract in 2014.
As a result of all of these factors, most people agree that 2015 will continue to be a seller’s market. Although the current state of the market definitely presents some challenges to buyers who are looking at New York City apartments for sale, that doesn’t mean that finding the right apartment is going to turn out to be mission impossible.
The best way to give yourself an edge in this competitive market is to work with a buyers agent. Because Elika is the only exclusive buyers agent in Manhattan that is eligible for membership in the National Association of Exclusive Buyer Agents, you can count on our experienced team to help you find the ideal apartment to call home.
Working with a buyers agent means you’ll have access to unbiased expert knowledge and services. This will directly translate into you saving time and money. Since working with a buyers agent also means you’ll reap other benefits like having someone to negotiate for you, be sure to read more about what you’ll gain from working with a buyers agent.