West Village and Greenwich Village are dominating in condo closings since last year, according to the Compass Q1 Manhattan Neighborhood Insights. Both Lower Manhattan neighborhoods increased condo closings by more than 200 percent, making up two of the 15 neighborhoods with scaled annual closings.
West Village: high condo prices
Within the condominium sphere, West Village median sales price is up 107 percent year-over-year. While Compass’s full Q1 market report is not available on its website just yet, real-time data on the Compass Markets app shows the median price on condos is $4.95 million. As of April 1, 40.4 percent of West Village listings are condos.
Meanwhile, co-ops, which comprise 44.8 percent of listings in West Village, have a median price of $1.095 million. West Village median price for all units is currently $2.275 million — a 21.3 percent year-over-year increase.
Greenwich Village: large share of co-ops
In Greenwich Village, condo prices skyrocketed 119 percent year-over-year. Overall, the median price in Greenwich Village is $1.695 million — a 13.4 percent rise annually.
Condos take up 19 percent of the market and cost $3.95 million in the neighborhood, while co-ops comprise a hefty 69.7 percent of listings with a median $1.275 million price tag.
Hell’s Kitchen stands alone in condo contract growth
With the exception of Hell’s Kitchen, 19 of 29 neighborhoods in Manhattan saw a waning of condos in contract. Condo listings in Hell’s Kitchen increased 57 percent year-over-year, with a median price of $1.498 million — a mere 0.1 percent increase year-over-year.
As of April 1, condos in contract in the nieghborhood cost an average of $1.077 million, which is an 8 percent annual increase but $421,000 under asking price. The median price on sold condos is slightly higher at $1.245 million — a 4.2 percent drop year-over-year.
Hell’s Kitchen has 76.1 percent condos in its current listings collection, following the current trend of diminishing co-ops on the market spreading throughout Manhattan.
Manhattan’s co-op inventory plunging?
In 19 out of 29 neighborhoods, co-op inventory dropped in quarter one since the same quarter last year. Both the Upper West Side and Upper East Side saw 17 percent annual dips in co-op listing share, tightening the market and pushing prices up within the co-op category.
In both the Upper East side and the Upper West Side, median prices on available co-ops increased 20 percent.
As of April 1, the median price on co-ops in the Upper East Side was $1.5 million. The Upper East Side features a larger portion of co-ops than condos, with 57.8 percent co-op market share. As a whole, the median price on the Upper East Side is $1.88 million — a 10.6 percent year-over-year increase.
The Upper West Side has a more proportional divide of condos versus co-ops, favoring the latter with 50.6 percent of listings. The median price on co-ops is $1.175 million, compared to the general price in the neighborhood of $1.75 million, which rose 29.6 percent annually in quarter one.