Thirty one contracts above $4M in Manhattan were signed last week, extending the streak of 30 or more contracts over $4M to 18 weeks in a row!
There were 15 condo and 11 co-op contracts signed last week. Townhouses accounted for five of last week’s deals. That brings the year-to-date total of townhouse signings to 95, the most since Olshan began tracking. The previous record was in 2015, when 72 townhouse contracts were signed between January to June.
The report suggests that the increase in townhouse deals may be a result of the pandemic leading buyers to look for larger homes with outdoor space.
The median asking price for all units was $5.95 million, a slight bump from the previous week’s $5.5 million. The homes spent an average of 530 days on the market.
Sales data comparing the quarterly ratio of contracts signed to new listings showed that demand for Manhattan’s townhouse units has continued an upward trajectory since bottoming out in early 2020 at the onset of COVID-19.
Before the pandemic, the townhouse market in New York City was amid an overall decline in terms of relative demand, with the availability of newer, highly-amenitized condo units and the introduction of the increased mansion tax contributing to the downturn. You can read more here and here.
Townhouse living is not for everyone however it does provide privacy, the ability to spread out and private outdoor space which is at a premium right now. Our team has experienced an increased demand from our own clients looking to purchase townhomes. If you are considering a townhouse purchase, we can absolutely answer all your burning questions.