2018 total year-to-date sales were characterized by an uptick in townhouse and small building sales dollar volume, total number of transactions, average sales price and average PPSF. Comparing the first 3 quarters of 2017 to 2018, the number of transactions slightly increased from 366 to 369, total sales volume rose from $2.4B to $2.6B, the average sales price jumped from $6.6M to $6.9M, and the average price per square foot dropped slightly from $1,312/ft to $1,296/ft. Looking at 3Q2017 and 3Q2018 alone, there were 134 sales in 3Q2017 and 129 in 3Q2018, total sales volume increased from $800M to $889M, the average sales price rose from $5.7M in 3Q2017 to $6.9M in 3Q2018, and the average PPSF jumped from $1,288 to $1,335.

Notable transactions this quarter included 37 West 10th Street for $37.2M and $3,796/ft, 4 East 74th Street for $31.95M and $2,507/ft, and 26 Downing Street for $19.7M and $3,015/ft. The West Village saw a particularly active 3Q2018, with 6 out of 7 transactions trading for over $10M, and 4 out of 7 sales having an average PPSF above $3,000.

Throughout most of 2018, we have attributed a slower market to uncertainty stemming from changes to the tax code, an increase in inventory in both the townhouse and high-end condo market leading to more days-on-market, and an overall lack of urgency from buyers. However, towards the end of 3Q2018 we have started to sense that many buyers are looking more actively as asking prices adjust to the shifting market.

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