Warburg’s Monthly Market Update offers a quick snapshot of the active listing metrics as well as review of the recent performance of the market. Read on for more!
The East Village market is one of very few neighborhoods showing relative consistency between active listing prices and historical sale prices by price category. For example, the current median asking price in the $1 – $3M
range is $1.74M, and the median recorded sale price through 2016 in the same category checked in at $1.7M.
The consistency doesn’t necessarily carry over in the PPSF category, though. In the $1 – $3M category, there is a particularly wide discrepancy, with the current listing median at $1,868 per foot while the recorded sale PPSF through 2016 was $1,583 in the same category. the gap starts to narrow in the $3 – $8M category, with a current listing PPSF of $2,041 and a recorded sale PPSF of $1,903.
The active inventory in East Village is relatively low overall, though the neighborhood is admittedly small. The condo market currently has 33 active listings, a high number considering there were only 32 condo sales recorded across the entirety of 2016. The co-op market registers as more affordable than the condo market overall, with a majority of co-op listings in the sub-$1M price category. The condo market, however, has a majority of its active and closed sales inventory in the $1 – $3M price category.
*Data provided in collaboration with Perchwell