Looking at the sales report of 3 Lincoln Center, overall we see a lot of positive signs of a healthy market. The Average Days on Market has decreased since the last time we measured, a sign that buyer demand is still alive and well. Negotiability from the List Price to the final Closed Price has remained relatively the same, hovering around 3%. Taking into consideration that prices have increased the last year and negotiability remaining the same is a sign of continued demand.
Average Price per square Foot numbers are always a bit tricky, as you need to break down specific layouts within each segment of the building to really see the performance. But overall, prices have increased since 2014.
We like to track the new construction condominium market inventory, as many neighborhoods are seeing large increases of supply due to new condominiums coming to market. In the Upper West Side, we don't see that much inventory in the pipeline. Mainly we have seen a couple of rental buildings being converted into condominiums, and a few new buildings in the development, but not going to come to market for at least another year. This is a good indicator that supply should remain relatively consistent.
The one metric that is bit slower this year compared to last year has been the total volume of sales has decreased. Last year we saw about 20 sales happen in the building and so far this year, being half way through, we see 7 sales having closed. However, there is not that much inventory available in the building, just a few apartments as of right now.
Given this information are you wondering
what your Three Lincoln Condominium is worth?