Inventory High, Pricing and Volume Down for UWS Townhouses

Posted May 13th, 2019 by Richard Pretsfelder, Sophie Smadbeck

Through April of 2019 the Upper West Side townhouse market has shown mixed results with the number of sales flat year over year and the price per square foot down modestly to $1,081/ft. The average sales price is down 30% to $5.5 million leading to a decline in the total dollar volume as 45% of the sales in 2019 have been below $5M, and the highest priced townhouse sale to date is $8.75 million. Inventory is also up substantially with 94 townhouses on the market. As we look ahead, two of the six signed contracts have asking prices over $10M, and several properties are negotiating offers. We view these developments as positive indicators for an improved market as we enter the spring selling season.