The New York City townhouse market is ending 2017 with a solid report card. While overall transaction volume is slightly down, the average sales prices have seen an uptick in most neighborhoods, according to a year-end report released Wednesday by townhouse specialist Leslie J. Garfield.
A total of 425 townhouses across the city, mostly in Manhattan and in some parts of Brooklyn, have changed hands during 2017, down from last year’s 454. That sales volume amounted to $3 billion, down 3% from 2016, according to the report.
But average sales price grew to $7.2 million from last year’s $6.8 million, representing a 6% increase year-over-year. The average price per square foot also increased from $1,316 to $1,338, up 2% from 2016.
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Thanks to two blockbuster deals on the Upper East Side, the neighborhood claimed the top spot in the average sales price. The home at 19 East 64th St. sold for $79.5 million and 715 Madison Ave. for $61.5 million, according to the report.
On the Upper East Side, there were 66 townhouse sales—the most of any Manhattan neighborhood—with an average price of $13.6 million. In addition, 12 East 69th St. is currently under contract for $80 million.
| Manhattan Townhouse Market in 2017, Compared to 2016 | ||||
| Neighborhoos | # of sales | Volume | Average sales price | Average PPSF |
| Upper East Side | 66 / +6% | $885.5M / +27% | $13.6M / +21% | $1,950 / +3% |
| Upper West Side | 48 / +9% | $363.3M / +16% | $7.6M / +7% | $1,345 / +2% |
| Midtown East | 21 / +11% | $187M / +53% | $8.9M / +3.8% | $1,341 / +3% |
| Gramercy | 9 / -47% | $92M / -31% | $10.2M / +29% | $1,538 / +36% |
| Greenwich/West Village | 26 / -21% | $291M / -38% | $11.2M / -22% | $2,452 / -9% |
| Chelsea | 18 / -38% | $145.5M / -45% | $8.1M / -11% | $1,311 / -8% |
| East Village | 16 / -57% | $87.9M / -74% | $6.3% / -32% | $1,066 / +2% |
| Source: Leslie J. Garfield | ||||
Manhattan’s West Village had the highest sales per square foot price, at $2,452. But the number of sales dropped 21% to 26, while the total volume was 38% less than 2016, standing at $291 million.
"As for the West Village, we saw prices in 2017 adjust from the 2015 and 2016 highs," said Christopher Riccio, an agent with Leslie J. Garfield. "However, after three quarters of low transaction volume, in the fourth quarter alone we saw about nine properties sell or go into contract."
These sales will be registered in early 2018. Besides, there are some off-market deals that aren’t reflected in the market report, Mr. Riccio pointed out.
Midtown East was the best performer in Manhattan, while the East Village fell to the bottom in terms of total transaction value growth.
There were 21 townhouse sales in Midtown East, with an aggregate value of $187 million, a 53% increase compared to 2016. Meanwhile, the East Village’s transaction volume from 16 sales amounted to $87.9 million, down 72% from 2016.