Monthly Market Update
Harlem
Warburg’s Monthly Market Update offers a quick snapshot of the active listing metrics as well as review of the performance of the market in the current year.
This month we focus on Harlem, where we see a nice helping of sub-$1M inventory and surprisingly healthy balance between median asking and selling
PPSF figures. Read on for more!
Though Harlem doesn’t break the trend of substantially higher median asking prices vs. sale prices across the Manhattan market, the good news is that both numbers come in below $1M. So far in 2016, the median sale price is $702K while the median asking price is currently $847K. The biggest disparity is at the top 5% of the market, where the median sale price is $2.57M and above while the median asking price in this market segment is a staggering $4M.
While the current median asking PPSF of $948 is higher than the PPSF of sales since 2016, $890 per foot, the difference of $58 per foot is far less dramatic than many Manhattan neighborhoods. Harlem further establishes itself as a relative bargain by coming in significantly lower than the overall Manhattan market-wide closed sale and active listing medians of $1,550 and $1,750, respectively.
The active inventory in Harlem weighs heavily toward the condo market, with the co-op and townhouse market seeing a similarly low number. The townhouse market does, however, have more inventory on currently on the market (48 homes) than the total number of homes sold so far this year (43). The townhouse market is also the only of the three property types to have a majority of its sales and active listings in the $1-3M price category, while both co-ops and condos have a majority in the sub-$1M category.
Listings by Price Category
Sales by Price Category
Data provided in collaboration with Perchwell.