Year-over-year, sales and dollar volume of Manhattan townhouses are down, but impressively pricing remains flat. Buyers are selective and discerning in this market, and sellers are willing to hold out until they get their prices. The average days-on-market for properties closed in 2023 is over 200 days. For properties currently on the market, the average days-on-market is 228 days. The properties that are selling the quickest are reasonably priced, turn key, single-family homes. There is a lack of that inventory in the market and when well-priced, renovated properties are listed, buyers are willing to transact. The segment of the market struggling the most are investment properties and homes that require renovation, as the cost and timing of a renovation project is a concern for buyers.
Despite the downturn in volume, there were some notable sales in Manhattan in 3Q2023. 129 East 73rd Street sold for $26.5M and $2,208/ft. Garfield’s sale at 141 East 18th Street sold for $11.45M and $2,697/ft. In addition to these bright spots, the increase in workers returning to the office is also cause for optimism as 64% of workers are now at their desks compared to 52% in September of 2022, with that number hitting 74% midweek. Moreover, both subway and commuter ridership have risen significantly, with subway use up 2.5x since October of 2021. The slow but steady increase in the work population returning to the City, should in the medium term translate into a more active and pricier market, particularly with inventory below historical levels.
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