Monthly Market Update
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 Hell’s Kitchen, where we see a continuing trend of asking prices significantly higher than recent sales prices. Read on for more!
Hell’s Kitchen carries on (and may lead) the trend of substantially higher average asking prices vs. sale prices witnessed across the Manhattan market. During April of 2017, the average sale price was $1,307,869 while the median asking price is currently over$3M. Though that is a significant disparity, the in-contract figure is much more aligned with the recent sales performance, coming in just slightly higher at an average contract price of $1,450,936.
The price per square foot performance in Hell’s Kitchen during the month of April followed suit, but not to such a significant degree. While the average sold PPSF came in low at $1,321 the in-contract and active PPSF are much closer, at $1,767 and $1,890 respectively. This disparity between active/in-contract and sold PPSF figures is largely due to new development condo activity and inventory, which typically commands a higher price point than resale condos and co-ops.
The active inventory in Hell’s Kitchen is heavily weighted by the condo market, with 239 listings currently on the market. The co-op market is still active, though, with 40 units on the market. Based on the active inventory disparity, the closed sales figures are surprising, with just 10 condos closing in April compared to 7 co-ops. From an average price per segment perspective, condos come out on top in every category. Additionally, co-ops didn’t register at all
above $5M, while there are actively listed condos in Hell’s Kitchen in the $5-10M category and the $10M+ category.
*Data provided by Streeteasy