The Manhattan townhouse market showed strong activity during the first quarter of 2021 with pricing up 12% vs 1Q 2020, a particularly positive indicator given that the first two pre-pandemic months of 2020 showed a surging market after a sluggish 2019. We are seeing pent up demand from buyers moving back to the city with offices and schools opening, as well a new pool of buyers shifting from condos and coops to the privacy and space afforded by townhouse living. Activity is robust in the sub $10 million single-family market, but there is also renewed demand from single family converters who see great opportunity for property appreciation by doing their own renovations. Several neighborhoods saw noteworthy trends, including the Upper East Side, which had a $59 million sale and a $51 million signed contract, the Upper West Side, which had 18 contracts signed at the end of the quarter, and Midtown where prices increased by 25%. Looking forward, we anticipate that the year over year numbers will see further improvement, particularly relative to the decline in transactions that we started to see in 2Q 2020. In addition, as city life returns to normal, the downtown market continues to attract buyers with its trendy restaurants and cobblestone streets, while uptown neighborhoods should see further resurgence with its strong complement of excellent schools.
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