Warburg’s Monthly Market Update offers a quick snapshot of the active listing metrics compared to the recent historical performance of the target area. This month, we focus on the performance in Midtown Manhattan through 2019 compared to the currently available inventory in the neighborhood.
PRICE SEGMENT PERFORMANCE
Thus far, from January 2020 through 2019, there have been 2,255 closed sales transactions in Midtown Manhattan. Of these, 56% were priced below $1 million, 33% priced between $1-$3 million, 9% priced between $3-$8 million, 1% priced between $8-$12 million, and 2% were over $12 million so far. The RLS reports 1,709 currently active listings on the market, of which 40% are listed below $1 million, 37% are listed between $1-$3 million, 15% are listed between $3-$8 million, 3% are listed between $8-$12 million, and 5% listed above $12 million.
Of the currently active listings, 34% of these are 1-bedroom units, 31% are 2-bedroom units, 15% are studio apartments, 13% are 3-bedroom, and 7% are 4-bedrooms.
PRICE TYPE PERFORMANCE
The median asking price for co-ops currently on the market is $735,000, for condos $2 million, and $7 million for townhouses. The median closed sales price in 2019 to-date is $651,000 for co-ops, $1.40 million for condos and $4.54 million for townhouses.
Midtown Manhattan Market Snapshot