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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