The Aggregate report has been released by Town Residential and the quarterly report contains essential information on the New York real estate market.
Included in this fourth quarter report were early signs that the market is increasingly turning towards a buyers market, despite strong rising prices. One of the earliest signs that the market is shifting towards the buyers is that the median days a unit is in the market has increased. This shows that buyers are picky and are taking their time to decipher what homes they are looking for. Price is now playing a bigger role when deciding and the market is increasingly being broken down into segments including higher end units over $10 million in price, and lower end units ranging from less than $2 million right up to the luxury ceiling.
The market is still strong in terms of price with one to three bedrooms having a median price of about $1 million to $4 million, with a million added for each bedroom. As such, buyers seem to be stretched which is leading to slower sales and increased time on the market for NYC apartments for rent.
Town Residential is the leading luxury real estate firm in New York and their The Aggregate report has been a source of information for real investment professionals and participants for quite some time. Town Residential was first created in 2010 and has quickly risen to the forefront of the luxury market with high quality analysis and the support of over 600 professionals working for them and their customers in the challenging New York real estate market.