Real estate prices are setting records in New York

Real estate in New York has continued to increase in value to the point that it is now setting records for its sale prices. If you're planning to buy real estate, you may want to consider a co-op, because selling prices have fallen, making them more affordable. The average price as of April 2017 is around $711,000.

Real estate on the whole has risen in price dramatically. Condo sales have driven the market, and the number of completed real estate transactions increased by 15 percent from the previous quarter. The number of sales increased by 2 percent.

As of April, the average price of a condo had risen 27 percent from the previous quarter to $3 million in Manhattan. If that's an expense you can't get behind, consider a co-op in Brooklyn or Manhattan, where the average prices dropped by 4 percent. In Queens, co-ops rose in price by around 5 percent, comparably.

Interestingly, this is the fifth quarter in which the average price of a co-op has fallen within the city as a whole and the second quarter where co-ops have dropped in price in Brooklyn and Manhattan.

Of course, these are not the only real estate transactions that go on in the state. Multifamily homes are also in demand, especially in Staten Island and the Bronx.

If you're interested in investing in real estate, buying a property or selling your home, knowing the state of the market helps. Your attorney can assist you in deciding when you want to pursue a transaction as well as protecting you against contracts that are not in your best interests.

Source: NBC New York, "New York Real Estate Prices Set Records, Even as Co-Ops Keep Cooling Off," accessed May 09, 2017