Manhattan Townhouse Market Report - 2011

Manhattan Townhouse Annual Market Report

This report uses market-wide data based on transactions that closed in 2011 and compares it to closings that took place in 2010.

2011 proved to be another solid year for townhouse sales. There were 201 Manhattan townhouse sales in 2011. Led by a surge of transactions Uptown, there were 106 single-family townhouse sales, a 10% increase compared to 2010.

Single-family townhouse average price increased 3% to $8.15 million. Due to this shift in market share Uptown, single-family median price declined 6% to $5.5 million and average price per square foot declined 5% to $1,546.

Traditional single-family townhouse submarkets like the Upper East Side, Upper West Side and Greenwich Village continue to attract ultra high-net worth purchasers willing to spend eight-figures. In 2011, there were 27 sales over $10 million, eight of which were over $20 million. In 2010, there were 28 sales over $10 million but only four of which were over $20 million.

There were 95 multi-family townhouse closings in 2011, only five sales fewer than 2010. Multi-family sales were down in every submarket except for Downtown, where they increased 26% due to increased demand over $5 million. Market-wide, multi-family average price declined 8% to $2.6 million while median price declined 9% to $1.5 million. The average size of a multi-family sale declined 4% to 3,828 square feet while average price per square foot declined by 5% to $676.

For the purposes of this report, we are defining multi-family townhouses as two- to four-family townhomes. This study presents information only on arms-length transactions (a sale between two unconnected parties). We excluded certain other types of sales, including: foreclosure or short sales, changes in legal status or ownership entity, properties that required gut renovation or demolition, bulk or investment sales, as well as townhouse condominiums in new development properties.

source: The Corcoran Townhouse Annual Report

As always, I will be tracking and reporting sub-market townhouse activity throughout 2012, and would welcome the opportunity to answer any questions you may have about the report or the market generally.

For the most comprehensive analysis of the Manhattan residential market, visit the Market Reports page of my blog at www.nycblogestate.com