Q2 - UES Market Report

Dear Friend,

In addition to our overall market reports for Manhattan and Brooklyn,

which we sent earlier today, we wanted to share with you some additional information specifically about the Upper East Side. Despite no positive movement in interest rates. the UES showed a remarkable bounceback compared to a year ago as many buyers recognized its excellent value.

The UES saw a 12.7% increase in signed contracts year-over-year and a 3% annual increase in closings, driven by a substantial double-digit rise in resale closings which offset a significant decline in new development sales. As expected with a rise in contracts and sales, the number of active listings dropped and prices were up on all resale figures.

While average prices went down, this was driven by a steep 40% decrease in new development sales. Resale coop and condo prices increased across all apartment sizes except studios, and there was an uptick in closings between 5th and Park Avenues that contributed to these rises.

We have been very busy in the UES the last few months, and we'd love to hear from you. Have a wonderful rest of the Summer, and stay tuned for our next UES report at the end of Q3.