Mid Year Townhouse Review 2018

Posted July 16th, 2018 by Sophie Smadbeck Download Report

The townhouse market thus far in 2018 is performing at pace with 2017. Comparing the data from 1H2017 to 1H2018, the number of transactions rose from 211 to 224, total sales volume increased from about $1.5B to about $1.6B, average sales price decreased slightly from about $7.1M to $7M, and the average price per square foot dropped from $1,345/ft to $1,313/ft.

Notable transactions so far this year which helped move the maket forward included the record setting Wildenstein mansion at 19 East 64th Street for $90M and $4,772/ft, and 13 Bank Street for $25.6M and $4,577/ft.

While overall numbers are similar to those from last year, the Upper East Side accounted for 40% of total sales volume 1H2018.Some other neighborhoods, such as the Upper West Side, Park Slope and Gramercy are down across all sales metrics from 1H2017. Midtown East, Chelsea and the West Village were also strong year-over-year performers.

Looking ahead, there are several properties in contract entering 2H2018, including 37 West 10th Street for $37.2M, and two of Leslie J. Garfield's properties at 38 Prince Street with a last asking price of $23.5M and 26 Downing Street with a last asking price of $20.995M. This indicates a market uptick as buyers and sellers come to a meeting of minds on pricing.

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