The 1st half of 2016 was characterized by a downturn in townhouse and small building sales volume and pricing. This can be attributed to various factors including the volatility in the stock market, lower Wall St. bonuses, the ongoing Brexit saga, the upcoming presidential election, and a decline in foreign buyers.
Comparing the 1st half of 2016 to the same period in 2015, the number of transactions declined from 217 to 178, total sales dropped from $2.1 billion to $1.4 billion, the average price per foot slipped from $1,530 to $1,409, and the average sales price saw a reduction from $9.7 million to $8.1 million.
Average prices and PPSF for New York City's Prime Townhouse Neighborhoods
Looking at the market by neighborhood, the West Village and Chelsea saw a rise in average price per square foot ($1,541 in 2016 compared to $1,434 in 2015) as well as a rise in the average sale price ($ 12.1M in 2016 compared to $ 10.9M in 2015). Greenwich Village also saw an uptick in average price per square foot ($2,593 in 2016 compared to $2,374 in 2015) as well as a surge in average sale price ($14.4M in 2016 compared to $9.7M in 2015).
Sales of note that occurred during the 1st half of the year included 273 West 11th Street for $34.5M and $2,644/ft, and 27 East 79th Street for $28M and a year to date high of $4,861/ft.
Looking forward, we see some signs of resiliency in the market as we enter the 2nd half of the year with several high priced single-family listings in contract, and inventory remaining consistent with historical levels.
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