The first quarter of 2018 was characterized by an uptick in townhouse and small building sales in average pricing, as well as a slowdown in sales volume and number of transactions. Comparing the data from 1Q2017 to 1Q2018, the number of transactions decreased from 120 to 105, and total sales volume fell from $833M to $816M. However, the average sales price jumped from $6.9M to $7.8M, and the average price per square foot rose from $1,304/ft to $1,315/ft. Notable transactions this quarter included the record setting Wildenstein mansion at 19 East 64th Street for $90M and $4,772/ft, 16 East 69th Street for $39M and $3,220/ft, 13 Bank Street for $25.6M and $4,577/ft, and Leslie J. Garfield’s sale of 29 West 75th Street for $15,749,500 and $2,019/ft. On a neighborhood level, the Upper East Side, which accounted for 37% of total total volume, saw a dramatic increase of 45% in average sales price while average price per square foot rose 17% compared to 1Q2017, with small decreases in sales volume and number of transactions. Midtown East and the West Village were also strong year over year performers. Looking ahead, we’ll be watching to see how the recent tax law changes impact the market. Transaction volume was down this quarter, as the sales process has slowed due to digestion of new tax code. However, the impending rise in interest rates could result in more urgency from buyers in the coming months.
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