Year-Over-Year Numbers Even Out As Bid-Ask Spread Tightens on the Upper West Side

Posted October 10th, 2018 by Richard Pretsfelder, Sophie Smadbeck

Momentum continued this month for the Upper West Side townhouse market with 3 sales in September, all of which were multifamily properties which sold for under $10M indicating strength at this level of the market. The luxury single-family market also continues to show signs of picking up, with one 8-figure single-family property in contract in September and one 8-figure closing in August. These examples contribute to a tightening bid-ask spread, which reached a record-low this month since we first started tracking the metric in 2017.

While the average sales price year-to-date is now on par with that of September 2017, volume and average price per square foot have both declined year-over-year (down 21% and 13.5%). However, the trend seems to be moving in the right direction. 2017 started off strong and ended on a weaker note, while 2018 started off slower and seems to be picking up in the 2nd half of the year. In 2017, August and September saw 6 sales combined. This year, there were 11 sales between August and September. Looking forward, although there is still an abundance of inventory and buyers continue to be extremely methodical, there are 4 properties still in contract, one of which is an 8-figure sale, indicating that this positive uptick will continue.