The New York City real estate market continues to show signs of a strong recovery. We’ve had 16% more contracts signed since this time last year, and the median contract price is up 5%. The median asking price of condos is at a record high for the third consecutive quarter at $2.5M and is over $2M for the 7th quarter in a row. The median asking price for coops is $825K, the highest 1st quarter on record. Let’s take a look at the neighborhood breakdowns.
NoLita remains the downtown neighborhood with the highest PPSF, followed by the West Village which has bumped TriBeCa from 2nd place since last quarter. Little Italy and South Street Seaport are tied for the lowest downtown PPSF at $1,063.
Turtle Bay has Midtown’s highest current PPSF at $1,930 followed by Midtown South at $1,869. Sutton Place maintains the lowest current PPSF at $958.
Lincoln Center remains in the lead for the Upper West Side area at $1,428, followed by UWS at $1321 and then Manhattan Valley at $1,178.
Fort George currently has the highest PPSF at $1,070 while West Harlem and Manhattanville come in at the lowest PPSF at $425.
Carnegie Hill remains at the top of the UES heap with median PPSF at $1,275. Yorkville remains at the bottom with PPSF at $1,188.
I’m always fascinated by the median prices by borough. Manhattan is currently over $1.3M while Bronx is just under $400K.
Part of the reason behind the increase in contract sales is the willingness for sellers to negotiate on pricing compared to recent years. About 29% of sellers are achieving asking price or above, compared to about 32% quarter over quarter.