Monthly Market Update
Warburg’s Monthly Market Update offers a quick snapshot of the active listing metrics as well as review of the recent performance of the market. This month we focus on West Village, where we see some of the highest PPSF figures in Manhattan. Read on for more!
The West Village follows the trend of substantially higher median asking prices vs. sale prices witnessed across the Manhattan market. Through 2016, the median sale price was $1.37M while the median asking price is currently $3.47M. The widest disparity is again at the top 5% of the market, where the median sale price for 2016 was $13.9M and above while the median asking price in this market segment is a staggering $19.7M.
Although the current median asking PPSF of $2,553 is higher than the
PPSF of sales during 2016, $2,379 per foot, both figures are dramatically
higher than the same segments for the overall Manhattan Market. In
2016, the Manhattan closed sales PPSF average was $1,550 ($829 lower
than West Village). The Manhattan active PPSF figure is also significantly lower than the West Village, coming in at $1,737 per foot ($816 lower than the West Village).
The active inventory in West Village is virtually an even split between condos and cooperatives at 69 units and 67 units, respectively. While the
townhouse market has lower overall inventory than that of the condo and co-op market, it should still be considered a highly active market; there are currently 16 townhouses on the market – the same number of recorded townhouse sales for the entirety of 2016. The active co-op market is dominated by the sub-$1M price segment, with 39% of its listings registering in that category. The same cannot be said for the condo market, however, with just 9% of its listings in the sub-$1M segment.
Listings by Price Category
Sales by Price Category
Data provided in collaboration with Perchwell.