This market is less active than the 5-room co-ops. Currently there are 15 contracts signed with an average of 104 days on market which means there is 1 in contract to almost 3 active listings and average price is down from last year by 10%. There are more sales happening but at lower prices. It is a good time to buy in this category!Read More »
In the first of our sub-market series, we review the 5 room co-op market on the Upper West Side where there are 41 current active listings and 20 pending contracts. This reveals a volatility index of 2 (where supply is 2 times the number of pending sales). This lower index shows a strengthening market. This is certainly a good time of year to purchase a property this size, as interest rates are still relatively low and sellers either have come down in price or have shown increased negotiability in the late summer months.
In terms of closed sales over the last 3 months — this year is much stronger. In the last 3 months, there have been 33 closings and in the same time period last year there were only 23. Also this year the average sales price is up 11% from the same time period last year. All good signs for the 5 room upper west side coop market!Read More »