But the Real Estate Board of New York’s (REBNY) fourth quarter report shows sales at the end of 2015 bested 2014’s figures while many experts are projecting a healthy 2016 for the NYC market.
According to REBNY, total home sales in NYC increased three percent year-over-year to 12,021 in the fourth quarter, with the Upper East Side recording the highest sales total at 688 transactions. The Upper West Side followed, recording 520 sales.
The average citywide sale price posted a small gain of nearly one percent in the fourth quarter, rising to $843,000 up from $841,000 in the same period in 2014.
Brooklyn measured the greatest price growth in the quarter, with the average sales price in the borough increasing 12 percent year-over-year to $799,000. Manhattan condos, on the other hand, experienced a decrease in the final quarter of the year. The average price of a Manhattan condo decreased seven percent year-over-year to $2,185,000 while total sales decreased nine percent to 1,149.
Despite the decline in Manhattan, REBNY President John Banks said that the 2015 market showed buyer and seller confidence with healthy price growth and demand. “Our members are optimistic that the favorable market will continue to the summer,” he said in a statement.
A recent Forbes article described New York as a “hot ticket” for investors. China’s shaky economic outlook means that many foreign investors will be attracted to more stable US holdings, including real estate.
On the commercial side, Colliers’ 2016 Global Investor Outlook said that New York real estate is a prime investment, with Manhattan commanding more than $4 billion in global capital in 2015. Twenty-four percent of overseas investors say they plan to invest in New York real estate this year.