Market Review and Forecast Looking Back, Looking Ahead

In short, the past year was a good one in the real estate market as far as condos and co-ops were concerned. Both buyers and sellers were confident, brokers were enthusiastic, and properties moved quickly. All in all, things seemed to be on a roll, and real estate professionals forecast more of the same for 2016.

Some Basic Numbers

According to the Real Estate Board of New York (REBNY)'s residential condo and co-op sales report for the fourth quarter of 2015, while the average sales price of a condo in Manhattan in the fourth quarter was $2,185,000—a 7% decrease over the year prior—the average Brooklyn sales price went up 13% to $879,000, and the average price in Queens was $526,000 from the previous year’s fourth-quarter average.

As far as co-ops are concerned, the average sales price of a Manhattan unit was $1,226,000, up 12% from 2015’s fourth quarter. Brooklyn saw an increase of 18% to $489,000; the average sales price in Queens rose 8% to $259,000, and the average price of a Bronx unit also increased 8% to $245,000.

According to Lee Williams, a broker with the Level Group, “Well-priced properties in prime areas are still moving rapidly. Those in adjacent areas are selling as well, but at a slightly slower pace. The entry-level and 'move up’ segments continue to perform.” While the super-luxury market has experienced some softness, Williams says, “Hopefully, that will not trickle down to the rest of the market.”

Although the economy has been on an upswing, its occasional ups and downs continue to concern many in the real estate profession. Nevertheless, the general mood continues to be upbeat.

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