Warburg’s Monthly Market Update offers a quick snapshot of the active listing metrics compared to the recent historical performance of the target area. This month, we focus on the performance in Chelsea through 2019 compared to the currently available inventory in the neighborhood.
PRICE SEGMENT PERFORMANCE
Thus far, from March 2020 through 2019, there have been 527 closed sales transactions in Chelsea. Of these, 46% were priced below $1 million, 36% priced between $1-$3 million, 17% priced between $3-$8 million, 10% were over $8 million so far. The RLS reports 307 currently active listings on the market, of which 20% are listed below $1 million, 36% are listed between $1-$3 million, 30% are listed between $3-$8 million, 4% are listed between $8-$12 million, and 9% listed above $12 million.
Of the currently active listings, 26% of these are 1-bedroom units, 26% are 2-bedroom units, 11% are studio apartments, 20% are 3-bedroom, and 17% are 4-bedrooms.
PRICE TYPE PERFORMANCE
The median asking price for co-ops currently on the market is $949,000, for condos $3.95 million, and $8.4 million for townhouses. The median closed sales price from 2019 to-date is $707,000 for co-ops, $2.07 million for condos and $7.06 million for townhouses.
Chelsea Market Snapshot