Midtown East sits at the intersection of the world. Along the east side is the United Nations, and with that comes plenty of consulates, foreign dignitaries, and access to global food and culture. There’s also easy access to the city’s midtown offices and high-rise towers, but what might be surprising are the intimate and quiet residential streets hidden from the bustle of 5th Avenue and Broadway. The neighborhood has a hub of transportation options, including regional and commuter rail, city and regional ferries, and it’s a great place to hail a yellow cab. There’s a mix of building styles in the neighborhood and housing spanning many eras, from the very old to mid-century to ultra-modern.
Last month saw 69 closings in the neighborhood, down 15.9% from the month before. The month-to-month sales might reflect seasonal variation, but closings are also down over the same time last year, though not quite as much – just 4.2%. This does show a general downward trend. These numbers reflect all bedroom configurations.
Housing supply is beginning to fall as well. There are 660 units available at the moment, down 3.6% from last year at this time. Since the start of the year, the supply has fallen 3.6%. However, even though there are 9% fewer units than last month, the overall supply tends to shrink heading into September. Last year, supply increased by almost 150 units from September through the peak in October. Last year, there was the smallest number of units at the beginning of September, with a rapid increase in supply through the end of October, when supply peaked at 795 units.
Sales are happening more quickly now, though, which might also account for some of the reduction in supply. The average number of days on the market for the neighborhood right now is 81, but this has fallen rapidly this year, down 26.4% since January. However, the average had crept up to more than 4 months in March. Since then, it has fallen rapidly down 19.8% from the same time last year.
The tighter supply and less time on the market have meant average sales prices are trending upward in the neighborhood. The medium price now is $957,000, up 14.3% from last month. This is also an 8.1% increase over last year. The price per square foot is up to $1,074. This is just a slight increase over last month, and indeed the numbers have been stable for the past quarter. However, the price-per-square-foot is still 6.7% higher than last year.
Source: UrbanDigs
