September Marks End to Slowest Quarter Of 2019, 10 UWS Properties in Contract Indicates a Stabilizing Market

Posted October 11th, 2019 by Richard Pretsfelder, Sophie Smadbeck

Citywide, 3Q2019 was one of the slowest we've seen since 2008. There were no sales on the UWS from July-September after 8 sales in June slid in before the change in mansion tax laws. Our listing at 310 West 89th Street broke the dry spell, selling for $5.6M and $912/ft in early October. With 10 properties in contract, however, things are looking up for the UWS townhouse market. Anecdotally, we can also speak to the fact that our properties have seen a major spike in offers, showings and general interest, which bodes well for 4Q2019. In addition, we are seeing strong demand for high end townhouse rental properties as buyers continue to assess the market.

Although dollar volume and number of transactions are still down year-over-year (36% and 28%, respectively), pricing remains consistent with 2018 for both average sales price and average price per square foot ($6.99M and $1,116/ft, respectively). The bid-ask spread also remains tight at about 13%, indicating that asking prices have come down to meet the market.