Feb
09

Manhattan 10-Year Townhouse Sales Trend Analyis 2000-2009

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Recently we reported the Manhattan 10-Year Townhouse Market Report for 2000-2009.   The 10-year sales trend analysis summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

  • There were 402 Manhattan townhouses listed for sale at the end of 2009, 24.2% below the 530 listings available in 2008. Listing inventory was similar to the levels seen ten years ago reflecting the fixed nature of turn-of-the-century housing stock.
  • The 2009 median sales price of a Manhattan townhouse—defined as a 1-5 family residence that can be delivered vacant—fell 31.9% from the record set in 2008 to $3,400,000 from $4,995,000.
  • There were 149 townhouse sales in 2009, down 1.3% from 151 sales in the prior year. The average annual number of sales over the past decade was 249 sales, indicating that the number of sales over the past two years have been below trend levels.
  • The listing discount, the amount buyers and sellers have to move to agree on price, expanded to 15.3% in 2009 from 6.9% in the prior year.
  • The days on market for townhouse properties was 142 days in 2009, faster than the 155 days in 2008.
  • The decline in market conditions left more sellers “chasing the market” when setting list prices

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