The talk around the water cooler in many brokerages these days is that the market has gotten surprisingly hot.
Such talk and my impression from searches that I have been conducting for various clients prompted my post a few days ago about the speed with which three- and four-bedroom co-ops and condos on Manhattan’s Upper West Side are finding buyers.
Today, with an MBA at my side, I decided to conduct a more thorough analysis, using statistics from the broker database (OLR). We analyzed the number of contracts signed and apartments sold on the Upper West Side between 59th and 125th streets from Riverside Drive to Central Park West at intervals over the past year.
Sure enough, there has been an unseasonal surge in contracts signed (green) and transactions closed (orange) recently. (more…)