Warburg’s Monthly Market Update offers a quick snapshot of the active listing metrics as well as review of the previous month’s market performance. This month we focus on Midtown East, where we see a continuing trend of asking prices significantly higher than recent sales prices. Read on for more!
Midtown East carries on the trend of substantially higher average asking prices vs. sale prices witnessed across the Manhattan market. During June of 2017, the average sale price was $1,681,494 while the average asking price is currently over $3.6M. The in-contract figure comes in right between that, with an average of $2,731,163. The high active and in-contract prices are thanks to a few luxury new developments in the area, such as 100 East 53rd Street and 252 East 57th Street.
The price per square foot performance in Midtown East during the month of June followed suit, with high asking PPSF averages and more reasonable sold averages. The average PPSF for actively listed homes in Midtown East came in at $1,676 while the average PPSF for sold homes was $1,423. Once again, the in-contract average split the difference, coming in at $1,525 per foot. As with the overall price points, the average PPSF figures are pushed up by new development buildings in the neighborhood.
The active inventory in Midtown East is lead by the co-op market, with 307 listings currently on the market. The condo market is also active, though, with 229 units on the market. The co-op market also lead in the closed sales department, with 45 sales in June compared to just 19 condo sales in the same time frame. From an average price per segment perspective, condos come out on top in almost every category. There were no closed co-op sales above $5M, while there was activity in the $5-10M condo market. There were no closed sales in Midtown East above $10M in the month of June.