Monthly Market Update
Upper West Side
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 through the beginning of November. This month we focus on the Upper West Side, where we see a high proportion of cooperative inventory and a large number of luxury townhouses on the market. Read on for more!
As has been the trend across the entire Manhattan market, the current median asking price for Upper West Side homes is significantly higher than the median for recently closed sales in the neighborhood. So far in 2016, the median sale price is $1.10M, compared to a median asking price of $1.93M, a 75.5% disparity. The most significant discrepancy is at the top of the market, where the top 5% of active inventory is asking $12.6M or more while the recorded sales in the same market segment came in at $5.74M+.
The current median asking PPSF of $1,756 is higher than the PPSF of sales since 2016, $1,524 per foot. The Upper West Side comes in just below the median PPSF for the overall Manhattan market ($1,551) but beats out its neighbors to the north and south, Morningside Heights and Midtown West, respectively. The asking PPSF of $1,756 is just above the Manhattan median asking PPSF of $1,724. The top 5% of the Upper West Side market has a median PPSF of $3,237.
The inventory on the Upper West Side is split mostly between the condo and co-op market. The recorded sales, though, have been mostly co-ops, coming in at 1,104 sales versus 592 condo sales and 31 townhouse sales. Almost half of the townhouse market is asking $12M+, but only 6% of the recorded townhouse sales have been in that category. The co-op market has been exceptionally active in the sub-$1M segment, indicating that there is a bevy of studio and one-bedroom inventory in the neighborhood.
Listings by Price Category
Sales by Price Category
Data provided in collaboration with Perchwell