Lower East Side Market Snapshot
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 the Lower East Side through 2019 compared to the currently available inventory in the neighborhood.
PRICE SEGMENT PERFORMANCE
Thus far, through 2019, there have been 216 closed sales transactions in the Lower East Side. Of these, 46% were priced below $1 million, 46% priced between $1-$3 million, 7% priced between $3-$8 million, and none were over $8 million so far. The RLS reports 96 currently active listings on the market, of which 34% are listed below $1 million, 53% are listed between $1-$3 million, 11% are listed between $3-$8 million, 1% are listed between $8-$12 million, and none listed above $12 million.
Of the currently active listings, 40% of these are 1-bedroom units, 39% are 2-bedroom units, 14% are studio apartments, while the 3-bedroom and 4-bedrooms evenly split the remaining 8%.
PRICE TYPE PERFORMANCE
The median asking price for condos currently on the market is $782,000 for co-ops, $2 million for condos, and $8.75 million for townhouses.
The median closed sales price in 2019 to-date is $736,000 for co-ops versus $1.78 million for condos.