UWS Townhouse Momentum Continues with 12 Signed Contracts

Posted February 24th, 2020 by Richard Pretsfelder, Sophie Smadbeck

Though year-over-year numbers are just about on par with the first month of 2019, all signs are pointing to an upturn in the market. 12 properties are currently in contract and there were three sales in January. Inventory has nearly been cut in half since spring of 2019, and the decrease in supply has correlated with an increase in demand, particularly as it relates to single family homes on park blocks. Two of the three January sales were single family homes, including our sale at 132 West 81st Street, a 19'-wide renovated townhouse which sold for $8.275M and $1,293/ft. Half of the 12 properties in contract are also single family homes. Given that there were only 10 single family sales in all of 2019, 2020 is already off to a much better start for that sector of the market. If buyer activity and signed contracts continue at the same pace it did in January, 2020 transaction volume will be much improved for the upcoming year.