Mar 14, 2014

2013 Manhattan Townhouse Report

2013 witnessed the highest number of townhouse sales since 2007. There were 282 townhouse sales, a 4% increase over 2012. However there was a 7% decrease in single-family townhouse transactions.

The single-family townhouse median price dropped 12% from last year to $5.500 million and the average price declined by 14% to $6.841 million. Average price per square foot decreased year- over-year by 5% to $1,571. These market-wide declines can be attributed to an increased share of sales occurring Uptown.

The tightening rental market helped to pique interest in the multi-family townhouse market and drove sales to grow by 18%. The multi-family townhouse market had a strong 2013, with 141 closings, up from 119 sales in 2012. Due to the continued low vacancy rate and record high rental rates in New York City, investor and buyer interest for multi-family townhouses has continued to 
escalate, especially Uptown. 

With more sales occurring Uptown, year-over-year median price decreased 38%, average price decreased 17% and average price per square foot decreased by 14% to $753 per square foot.
For the purposes of this report, we define multi-family townhouses as two- to four-family town homes. Mixed-use properties are excluded from the report. 

This study presents information only on arms- length transactions (a sale between two unconnected parties). Excluded are 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. 

 Complete 2013 Manhattan Townhouse Report

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