June was a tough month to follow considering the tremendous amount of sales that took place in response to a mansion tax increase that took effect July 1.
In July, the Upper East Side only witnessed 3 townhouse and small building sales. This kind of number is typical during the summer months as the market tends to slow down. The sale prices ranged from $4.65M to $8.28M, all well under the year-to-date average sales price of $13,902,069. There are currently four listings in contract, with last-asking prices ranging from $5.5M to $9.9M. The average price per square foot to date is $1,962/ft.
Just 3 new townhouses came to market in the neighborhood, bringing the total inventory to approximately 77 townhouses, 46 of which are asking $10M or more. As for small buildings, there are 8 listings on the market ranging from $4.85M to $29.95M.
We expect the trend to follow through August, although we’re starting to see some activity. Among the signed contracts this month was 159 East 82nd Street, a renovated, single-family townhouse in the PS 6 school district, which last asked $7.5M.
$16,750,000 | 25’-wide | 8750 square feet
$10,450,000 | 20’-wide | 5,500 square feet
$9,250,000 | 5,223 square feet | Elevator