Monthly Market Update
Soho
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 Soho, where we see lower asking prices but higher prices per foot for active/in-contract listings. Read on for more!
Soho finally breaks the trend of substantially higher average asking prices vs. sale prices witnessed across the Manhattan market. During March of 2017, the average sale price was $3,706,258 while the median asking price is currently $2.5M. The highest performer, though, is the in-contract category at $3,764,566. This is largely due to the high number of new development units in contract as the buildings have yet to complete construction.
While the current average asking prices are lower than the average sale prices during March, the same cannot be said for PPSF figures. The current average PPSF for active units is $1,877 while sold units through March came in just below at $1,872. Once again, the incontract category registered the highest in this category, with an average PPSF of $2,230. This is again a reflection of the new development units currently waiting to close.
The active inventory in Soho is heavily weighted by the condo market, with 115 listings currently on the market. The co-op market is still active, though, with 59 units on the market. In March, the co-op market usurped the condo market in the recorded sales category, with 10 co-ops closing compared to just three condos closing. From an average price per segment perspective, condos come out on top in almost every category. However, in the $1-$5M price segment, co-ops register a higher average price for both active and in-contract units than condos.
*Data provided by Streeteasy.