By Josh Barbanel
Sales of the most expensive townhouses weakened in Manhattan last year even as the market for lower-price townhouses strengthened in Harlem and Washington Heights.
A new market report prepared by appraiser Jonathan Miller for Douglas Elliman showed that the average price of a townhouse, a measure that reflects the soaring prices of the most expensive properties, fell by 9% in Manhattan in 2016, with steep declines on the East Side and West Side and a slight drop downtown.
The average price rose only in northern Manhattan, which notched a 7.6% increase from 2015. Those uptown sales made up more than 40% of all sales, up from about 37% in 2015.
Mr. Miller said the market for expensive houses is moving slowly and sellers are being forced to drop prices on properties.
The report put the median price of a Manhattan townhouse at $4.97 million in 2016, with the highest median price of $8.03 million on the East Side, followed by $7.53 million Downtown and $7.16 million on the West Side.
The median price in northern Manhattan was $2.1 million.
Write to Josh Barbanel at firstname.lastname@example.org
(END) Dow Jones Newswires
February 02, 2017 00:14 ET (05:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.