Feb
20

Elliman 2003-2012 Decade Survey for Manhattan Townhouse Sales Released

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The Elliman 2003-2012 Decade Survey for Manhattan Townhouse Sales was released recently and summarized below was prepared by Miller Samuel for Douglas Elliman.

With the drop in inventory and the rise in sales, 2012 proved to have the fastest market pace since 2006″

The Manhattan townhouse market had the most sales since the market peaked in 2007 and activity has been rising for the past three years. Prices remained stable over past year, as they have been during the past four. The market has tightened over the past year as listing inventory fell and marketing times are now faster on average than during the boom. The townhouse market has continued to perform well and we look forward to another active year in 2013.

  • Median sales price fell 4.2% to $3,500,000 from the prior year as the other indicators rose over the same period. Average sales price rose 6.1% to $5,260,136 and average price per square foot jumped 12.2% to $1,265 over the same period.
  • Townhouse inventory fell 18.9% to 411 from the prior year total bringing the absorption rate down to 17.8 months, from 25.4 months in 2011. This was the faster pace of absorption since 2006 when the rate was 16.4 months.
  • There were 277 sales in 2012, second to the decade high water mark of 343 seen in 2007. Residential market share reached 2.6% of Manhattan activity, the highest since 3.1% was reached in 2006.
  • Days on market, the number of days from the last price change to the contract date, fell to 106 days, 2 months faster than 166 days in 2011.
  • Listing discount, the percent difference between the list price at the time of sale, fell to 4.6% in 2012 from 5.4% in 2011.

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