Upper West Side Year-End Market Update

Posted January 2nd, 2018 by Richard Pretsfelder

2017 saw the townhouse market rebound from what was a down year in 2016. The average price of an Upper West Side townhouse increased by 9.4% to $7.7 million while the average price per foot was up 4.5% to $1,356/ft. In addition total sales volume grew from $316 million to $377 million and the number of sales grew from 45 to 49 transactions. Prices increased across all property classes with only the 6-20 unit segment down in average price (-11.3% to $6.2 million) but up 10.5% in average price per foot to $1,067. The luxury market in particular showed signs of a resurgence with 12 eight-figure sales in 2017 versus five in 2016. The average price for luxury sales increased by 12.6%, to $13.0 million, and the average price per foot grew by an impressive 38.0% to $1,941/ft. The highest priced sale of 2017 occurred at 3 Riverside Drive for $15.8M compared to 2016 where the highest priced sale closed for only $12.5M.

Looking at sales by neighborhood, prices were up across each sub-market led by the west 60/70s at $7.99 million, closely followed by the west 80s at $7.7 million and the west 90s at $7.5 million. The west 90s actually had the highest average price per foot at $1,581, due largely to the high concentration of single family sales in the area.

Looking forward to 2018, all three of the properties currently in contract have 8-figure asking prices, and two of the three sales in December also had an 8-figure sales price, suggesting a strong start to the coming year.