For the first time in the history of the Financial District, the average price was over $1M during 2014. As the neighborhood transitions to a more vibrant, 24/7 culture, more people are looking to purchase larger apartments. There was a 47% increase in the number of 3-bedrooms sold, whereas 2-bedrooms showed an 18% decrease.
The median price for apartment sales is just under $1M, which is a 12.43% increase from 2013. Most likely due to low levels of vacancy, studio sales were down -9% in 2014, compared to nearly 18% in 2013, however studios accounted for 30% of all units sold. Overall, 1-bedrooms accounted for over 40% of the market for 2014, and 2-bedrooms accounted for 21%.
During the second quarter of 2014, there was a spike in sales, with over 140 units sold, but sales continued to decline thereafter during the third and forth sales quarters. The fourth sales quarter showed the lowest number of sales during 2014, at just under 100.
