To see what the early spring season brought to market, I return to 2-bedroom apartments in the West Village as my focus for this post. Over the coming week, stop back for updates on other layouts or neighborhoods situated on the lower west side.
Top Line: I believe that two bedroom properties in the West Village continue to represent good value - as well as a thriving real estate market
- The average price per square foot for 2 bedroom apartments in the West Village remained stable, posting a decrease of only 4%. Currently, the average price per square foot for 2-bedrooms in the neighborhood is $942/sq ft (compared to $1080/sq ft for 1-bedrooms)
- Trade volume picked up nicely, with contracts signed up by 10%, new listings up by 8.7% and properties sold up by a whopping 44%.
- 6% of listings for 2-bedroom units dropped their price during the period and another 6% of listings were taken off the market.
How do I read between these lines?
- Inventory remains low in this popular neighborhood - which encourages stable market values.
- Owners of properties that have been sitting on the market are growing more motivated to strike a deal.
- Buyers and sellers have more closely matched expectations for pricing and deals.
- Now is a good time to consider 2-bedroom layouts to gain a little more space...and an extra bedroom!
If this market snapshot is enticing, call or email me (rebekah@tmrp.com) to guide you to the best deals and the most interesting opportunities!
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