Welcome to The Randy Baruh Team's Local Townhome Report for Q4 2023. At the end of each quarter, we share the most recent sales and market updates in Manhattan neighborhoods.
Overview:
In a promising close to 2023, Manhattan's real estate sector exhibited positive trends across various key metrics. Quarterly sales saw a noteworthy year-over-year increase, and year-to-date transactions remained on par with the levels observed between 2017 and 2019. Highlighting the market's resilience, the average price witnessed an impressive 8.3% uptick compared to Q4 2022. Additionally, the average price per square foot experienced a solid 2.5% increase during the same period, indicating sustained value appreciation.
Contracts in Manhattan mirrored a general uptrend, posting a substantial 16.1% increase compared to the previous year. However, it's important to note that last asking prices for townhouses exhibited a contrary trend, generally showing a decrease.While inventory levels showed a decline both year-over-year and quarter-over-quarter, they remained in line with the typical figures expected in the fourth quarter. This balanced inventory situation underscores the stability of the market, pointing towards a well-adjusted real estate landscape in Manhattan. Downtown takes first place with a total of 37 sales, followed by the Upper East Side with 35 sales, and the Upper West Side with 25, constituting 91.7% of the total single-family sales by submarket.
As the curtain falls on 2023, these positive indicators collectively suggest a robust and steady real estate market in Manhattan, laying the foundation for potential opportunities and growth in the upcoming year.
Key Takeaways
- Closed Sales: 24 (14.3% YoY)
- Average Price Per Square Foot: $1,629 (1.1% YoY)
- Median Price: $6,680,000 (-4.6% YoY)
- Average Sale Price: $9,845,938 (10.9% YoY)
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