[1]
We published our Manhattan Townhouse report, a ten year moving window data compendium of the market from 2003-2012. For the past 26 years we’ve been tracking the townhouse market, it has remained a small luxury subset representing a few percentage points of the overall residential market so a detailed quarterly or monthly analysis isn’t practical. This is part of an evolving market report series I’ve been writing for Douglas Elliman [2] since 1994.
Key Points
MANHATTAN TOWNHOUSE 2003-2012
- Sales were at highest level since the credit crunch began, the third highest total of decade.
- Housing prices remain 25% below the 2008 peak (which was a significant spike), housing sales are 19.2% below 2007 peak.
- Housing price indicators were mixed, showing overall stability for the most recent four year period.
- Listing inventory fell sharply from the prior year, resulting in the fastest absorption rate in 6 years.
- Single family sales showed more year-over-year improvement in price and sales than the balance of the market.
Here’s an excerpt from the report:
…Townhouse sales rose to 277, their highest level since 343 sales were reached in 2007 before the onset of the credit crunch. The 15.4% increase in sales this year marks the third consecutive yearover- year increase in activity. Consistent with the rise in sales was the 18.9% drop in listing inventory to 411 and the two month drop in days on market to 106. Market share for East Side sales led all regions, jumping to 26% from 20.8% in 2011. The year-over-year change in price indicators were mixed with a 4.2% decline in median sales price, a 6.1% gain in average sales price and a 12.2% rise in average price per square foot…
Later today we’ll have additional information available on the market so you can build your own custom data tables [3] and browse our chart library [4].
The Elliman Report: 2003-2012 Manhattan Townhouse Report [Miller Samuel [1]]
The Elliman Report: 2003-2012 Manhattan Townhouse Report [Douglas Elliman [5]]
Market Chart Library [Miller Samuel [6]]
Aggregated Custom Market Data Tables [Miller Samuel [3]]