1 S T H A L F 2 0 1 8 T OW N H O U S E R E PORT 1-3 F A M I LY H O M E S
OVERVIEW There were 504 townhomes on the market in Manhattan and Northwest Brooklyn at the end June 2018, a 17% increase from one year ago. Marketwide, townhome inventory prices declined across all metrics. The average list price fell 16% to $8,834,339, the median list price dropped 20% to $5,197,500, while the average list PPSF declined 13% to $1,578. The steepest asking PPSF declines were in Midtown East, the Upper East Side, and the Upper West Side. Of those properties that entered contract, the average contract price was $5,989,205, 10% higher than one year ago. Likewise, the median price was up 17% to $3,950,000, while the average contract PPSF dropped 5% to $1,252. The average time a property spent on market increased a staggering 22% to 121 days, fueled by slow-moving sales in the Upper East Side and Midtown East. Recorded sales decreased 17% year-over-year to 202. The average sale price was down 1% to $5,153,906, representing a 42% decrease from the average list price. The median price ticked up 4% to $3,434,500, but was 34% below the median ask, while the average sale PPSF was down 10% to $1,201, 24% below the average listing. The sharpest price declines were in the Upper West Side and Downtown markets, while Upper Manhattan and Northwest Brooklyn noted slight improvements. 2
$1,566 $1,844 $2,111 $1,799 $2,133 $1,812 $2,162 $2,176 $2,175 $2,359 $2,315 $2,710 $3,083 $2,311 $1,969 $1,773 $2,800,000 $2,079 $700 $1,459 $5,600,000 $1,635 $1,400 WITH AN INCREASE IN2013INVENTORY 2009 2010 2011 2012 2014 2015 AND 2016DECREASE 2017 2018 IN SALES, PRICE ADJUSTMENTS ARE INEVITABLE. $800 $3,500,000 MARKET-WIDE $640 TOTAL INVENTORY $2,800,000 CONTRACTS SIGNED RECORDED SALES $480 AV E R AG E L I S T P P S F 2009 $1,578 2010 TOTA L VO L U M E -13% AV E R AG E C O N T R AC T P P S F 2011 $4,452,506,880 2012 2013 $1,252-5% 121 $759 $3,434,500 AV E R AG E S A L E S P P S F 2016 2017 TOTA L VO L U M E 22% $5,153,906 MEDIAN SALES PRICE 2015-17% $1,400,000 $758 17% 202 $742 $3,950,000 $680 AV E R AG E S A L E S P R I C E 2014 AV E R AG E DAY S O N M A R K E T -2% 10% $737 M E D I A N C O N T R AC T P R I C E $5,989,205 $681-20% NUMBER OF HOMES $633 $5,197,500 1% $729 MEDIAN LIST PRICE $2,100,000 229 $663 AV E R AG E C O N T R AC T P R I C E $528-16% $505 $8,834,339 $512 NUMBER OF HOMES $365 $160 $450 AV E R AG E L I S T P R I C E 17% $579 $320 504 $634 NUMBER OF HOMES $1,201-1% $700,000 4% -10% 2018 $1,041,088,985-17% MARKET-WIDE HISTORICAL SALES BY SIX MONTHS 2009 2009 Average PPSF 2010 2010 2011 2011 Median Price 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 $1,013 $1,201 $1,022 $1,205 $1,104 $1,329 $1,060 $1,296 $973 $1,288 $1,022 $1,356 $1,105 $1,440 $1,050 $1,448 $920 $1,328 $890 $1,175 $881 $1,271 $240 $320 $827 $1,212 $1,600,000 $2,800,000 $876 $1,141 $480 $640 $827 $1,342 $4,200,000 $2,400,000 $797 $1,320 $960 $720 $845 $1,331 $5,600,000 $3,200,000 $879 $1,366 $1,280 $960 $652 $1,224 $7,000,000 $4,000,000 $760 $1,160 $1,600 $1,200 $800,000 $1,400,000 2018 2018 Average Price $2,500 $16,000,000 $2,000 $12,800,000 3
UPPER EAST SIDE NUMBER OF HOMES 70-9% NUMBER OF HOMES 24 9% NUMBER OF HOMES 22 5% AVERAGE LIST PRICE $19,394,457-11% AVERAGE CONTRACT PRICE $15,733,750 8% AVERAGE SALES PRICE $12,169,886-10% MEDIAN LIST PRICE $14,997,500-19% MEDIAN CONTRACT $12,997,500 39% MEDIAN SALES PRICE $8,450,000-8% AVERAGE LIST PPSF $2,577-8% AVERAGE CONTRACT PPSF $1,985-12% AVERAGE SALES PPSF $1,799-9% TOTAL VOLUME $1,357,612,000-19% AVERAGE DAYS ON MARKET 189 173% TOTAL VOLUME $267,737,500-6% UPPER EAST SIDE HISTORICAL SALES BY SIX MONTHS $2,500 $2,000 $1,500 $1,000 $500 $1,443 $1,561 $1,683 $1,482 $1,729 $1,525 $1,339 $1,882 $1,712 $1,736 $1,922 $2,163 $1,875 $1,914 $1,890 $1,730 $1,973 $1,845 $1,799 $16,000,000 $12,800,000 $9,600,000 $6,400,000 $3,200,000 4
UPPER WEST SIDE NUMBER OF HOMES 51 21% NUMBER OF HOMES 11-21% NUMBER OF HOMES 8-38% AVERAGE LIST PRICE $10,642,586-4% AVERAGE CONTRACT PRICE $7,762,091-23% AVERAGE SALES PRICE $9,290,082-9% MEDIAN LIST PRICE $10,000,000 0% MEDIAN CONTRACT $7,950,000-18% MEDIAN SALES PRICE $8,536,000-19% AVERAGE LIST PPSF $1,555-6% AVERAGE CONTRACT PPSF $1,195-22% AVERAGE SALES PPSF $1,320-17% TOTAL VOLUME $542,771,888 17% AVERAGE DAYS ON MARKET 195 35% TOTAL VOLUME $74,320,656-44% UPPER WEST SIDE HISTORICAL SALES BY SIX MONTHS $2,000 $12,000,000 $1,600 $9,600,000 $1,200 $7,200,000 $800 $4,800,000 $400 $1,057 $995 $1,193 $1,020 $1,358 $1,258 $1,266 $1,240 $1,242 $1,325 $1,503 $1,543 $1,700 $1,699 $1,366 $1,484 $1,598 $1,331 $1,320 $2,400,000 5
MIDTOWN EAST NUMBER OF HOMES 16-6% NUMBER OF HOMES 3-40% NUMBER OF HOMES 5 0% AVERAGE LIST PRICE $10,867,125-20% AVERAGE CONTRACT PRICE $3,941,667-41% AVERAGE SALES PRICE $7,086,000 39% MEDIAN LIST PRICE $7,844,500-13% MEDIAN CONTRACT $3,975,000-19% MEDIAN SALES PRICE $7,000,000 40% AVERAGE LIST PPSF $1,430-40% AVERAGE CONTRACT PPSF $1,036-41% AVERAGE SALES PPSF $1,403-7% TOTAL VOLUME $173,874,000-24% AVERAGE DAYS ON MARKET 253 148% TOTAL VOLUME $35,430,000 39% MIDTOWN EAST HISTORICAL SALES BY SIX MONTHS $2,500 $10,000,000 $2,000 $8,000,000 $1,500 $6,000,000 $1,000 $4,000,000 $500 $493 $1,284 $909 $1,017 $1,211 $1,002 $1,600 $1,254 $1,121 $1,361 $1,440 $1,978 $1,287 $1,458 $1,240 $1,513 $1,558 $1,403 $2,000,000 6
DOWNTOWN NUMBER OF HOMES 91 2% NUMBER OF HOMES 26 37% NUMBER OF HOMES 20 11% AVERAGE LIST PRICE $13,741,400-6% AVERAGE CONTRACT PRICE $11,044,731 29% AVERAGE SALES PRICE $8,612,530-33% MEDIAN LIST PRICE $10,500,000-13% MEDIAN CONTRACT $8,022,500 34% MEDIAN SALES PRICE $8,625,000-7% AVERAGE LIST PPSF $2,342-5% AVERAGE CONTRACT PPSF $2,012-12% AVERAGE SALES PPSF $1,969-36% TOTAL VOLUME $1,250,467,395-3% AVERAGE DAYS ON MARKET 78-2% TOTAL VOLUME $172,250,595-25% DOWNTOWN HISTORICAL SALES BY SIX MONTHS $3,500 $2,800 $2,100 $1,400 $700 $1,635 $1,459 $2,079 $1,773 $1,566 $1,844 $2,111 $1,799 $2,133 $1,812 $2,162 $2,176 $2,175 $2,359 $2,315 $2,710 $3,083 $2,311 $1,969 $14,000,000 $11,200,000 $8,400,000 $5,600,000 $2,800,000 7
UPPER MANHATTAN NUMBER OF HOMES 80 67% NUMBER OF HOMES 24-14% NUMBER OF HOMES 22-12% AVERAGE LIST PRICE $3,941,545-5% AVERAGE CONTRACT PRICE $3,206,208 12% AVERAGE SALES PRICE $2,943,000 4% MEDIAN LIST PRICE $2,999,500-4% MEDIAN CONTRACT $3,087,500 15% MEDIAN SALES PRICE $2,700,000 8% AVERAGE LIST PPSF $803-5% AVERAGE CONTRACT PPSF $772 6% AVERAGE SALES PPSF $759 2% TOTAL VOLUME $315,323,600 59% AVERAGE DAYS ON MARKET 172 35% TOTAL VOLUME $64,746,000-8% UPPER MANHATTAN HISTORICAL SALES BY SIX MONTHS $800 $3,500,000 $640 $2,800,000 $480 $2,100,000 $320 $1,400,000 $160 $450 $365 $634 $579 $512 $505 $528 $663 $729 $633 $681 $737 $680 $742 $758 $759 $700,000 8
NORTHWEST BROOKLYN NUMBER OF HOMES 196 24% NUMBER OF HOMES 141 1% NUMBER OF HOMES 125-22% AVERAGE LIST PRICE $4,145,194-2% AVERAGE CONTRACT PRICE $3,777,291 6% AVERAGE SALES PRICE $3,412,834 5% MEDIAN LIST PRICE $3,592,500 3% MEDIAN CONTRACT $3,475,000 16% MEDIAN SALES PRICE $3,022,329 4% AVERAGE LIST PPSF $1,110-1% AVERAGE CONTRACT PPSF $1,053-1% AVERAGE SALES PPSF $1,013-8% TOTAL VOLUME $812,457,997 21% AVERAGE DAYS ON MARKET 101 4% TOTAL VOLUME $426,604,234-18% NORTHWEST BROOKLYN HISTORICAL SALES BY SIX MONTHS $1,200 $4,000,000 $960 $3,200,000 $720 $2,400,000 $480 $1,600,000 $240 $760 $652 $879 $845 $797 $827 $876 $827 $881 $890 $920 $1,050 $1,105 $1,022 $973 $1,060 $1,104 $1,022 $1,013 $800,000 9
THE RIGHT BROKER MAKES ALL THE DIFFERENCE. Over the past 37 years, Stribling brokers have successfully represented the world s most discerning clients, offering an exceptional level of service, integrity and sophistication coupled with an in-depth understanding of the ever-changing real estate market. Stribling professionals embrace a wide range of tastes and styles, ensuring that each client is matched with the broker who can best assist them in buying or selling their home. RESEARCH GARRETT DERDERIAN Director of Data & Reporting 212.434.7093 GDerderian@stribling.com UPTOWN 212 570 2440 CHELSEA 212 243 4000 TRIBECA 212 941 8420 BROOKLYN 718 208 1900 STRIBLING.COM /StriblingAssociates @StriblingNYC @StriblingNYC MEDIA ASHLEY MURPHY Director of Public Relations 212.575.4559 AMurphy@stribling.com A SAVILLS INTERNATIONAL ASSOCIATE Contracts Signed and Recorded Sales reflect the prior six months of data. Includes all townhomes $2M+. The information complied by Stribling & Associates is produced and analyzed from sources deemed to be reliable. Stribling & Associates makes no representations or warranties, express or implied, with respect to future market conditions or prices of residential product at the time the subject property or any competitive property is complete and ready for occupancy or with respect to any report, study, finding, recommendation, or other information provided by Stribling & Associates herein. Moreover, no warranty, express or implied, is made or should be assumed regarding the accuracy, adequacy, completeness, legality, reliability, merchantability, or fitness for a particular purpose of any information, in part or whole, contained herein. All material is presented with the understanding that Stribling & Associates is not providing any legal, accounting, or other professional services. Nothing in this report shall constitute an offer or solicitation with respect to purchase, sale or rental of any property. Any and all such warranties are hereby expressly disclaimed. 2018, Stribling & Associates. This report and the information provided in this report are proprietary to Stribling & Associates and may not be sold, used or reprinted, in whole or in part, without the prior written consent in each instance of Stribling & Associates. Equal Housing Opportunity. All Rights Reserved.