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Upper West Side Home Sales Up Amid Citywide Decline

Second-quarter home sales on the Upper West Side were up a hefty 36% year over year, the Real Estate Board of New York reported, while the Bronx and Staten Island posted smaller annual increases. However, Manhattan transactions were down 11% overall, and sales of condominiums, co-ops and one- to three-family homes were off by 4% citywide from the year-ago period.

Q2 therefore marked the fourth consecutive quarter of Y-O-Y drops in New York City’s total residential sales consideration and transactions. The market hasn’t experienced this since Q3 of 2009.

While pricing was also down overall, mainly due to declines in condo prices, some neighborhoods saw increases. For example, the UWS recorded a 3% Y-O-Y gain.

“The average sales price adjustments reflected in this report signal a natural cooling-off interval after a very hot stretch, and the expansive demand for homes throughout the five boroughs,” said John H. Banks, REBNY president.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).