As a whole, 2019 was on par with 2018, though down slightly in all categories. Dollar volume went down from approx. $3.5B in 2018 to $3.3B in 2019. There were 565 transactions in 2018 versus 551 in 2019. Average sales price and price per square foot (PPSF) both decreased from $6.1M to $5.9M and $1,185/ft to $1,164/ft, respectively. The median sales price fell from about $4.1M in 2018 to $3.5M in 2019. Generally, the year-over-year numbers were relatively flat with a slight downturn.
The top 10 highest priced sales of the year all took place on the Upper East Side, led by the record-breaking $77.1M sale at 14-16 East 67th Street, a single-family mansion which was purchased for $49M in 2008. This sale marked the highest priced ever paid for a residential townhouse in New York City.
The beginning of 2020 will be crucial to determining whether pricing and volume have stabilized. Anecdotally, 4Q2019 saw an increase in activity which may indicate that pricing and volume declines have slowed. Buyers and sellers are starting to come to terms with the tax changes that occurred this year in conjunction with the shifting market. Buyers seem more decisive than they did a year ago, as sellers are more cognizant of the buy side strength in the market and are accepting offers that reflect the new market realities. Should this trend continue ,and absent any negative external events, we anticipate increased volume and decreased inventory creating more competition and balance in the market in the coming months.
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