Demand for luxury townhomes in pricey New York neighborhoods dipped during the second half of last year, but other markets pivoted to meet demand, according to a new report.
Citywide, the average listed price for a townhome — defined as any one to three-family home — fell about 10 percent, coming in at just over $10.9 million, according to the report published Thursday by Stribling, a luxury real estate firm.
In the Upper East Side, typically the largest market for expensive townhomes, no townhomes sold for over $20 million during the second half of the year, said Garrett Derderian, Stribling’s director of data and reporting. And the average sales price dropped 16 percent, to just over $8.2 million in that neighborhood.
In Northwest Brooklyn, which includes neighborhoods like Boerum Hill, Clinton Hill, and Prospect Heights, Derderian said sellers had to adjust their prices to meet the market’s demands. During the last half of 2017, homes were listed for an average of just under $4.6 million, a 15 percent decrease from the same time period last year. However, the average sales price in the area was lower, at about $3.4 million.
Still, Derderian said buyers and sellers were reaching agreements, noting that there had been a 22 percent increase in the number of recorded sales in Northwest Brooklyn.
“We’re past the point of aspiration pricing on the point of the seller,” he said. “Buyers now have so many more options when they go into the market.”
In upper Manhattan — East Harlem, Hamilton Heights, Harlem, Inwood, Morningside Heights and Washington Heights — the market was doing well, with lower priced townhomes performing better in general than higher priced ones. The average asking price uptown for the second half of 2017 was about $3.8 million. The average sales price was just over $3.1 million, a 26 percent increase from the same time period in 2016, according to the report.