Our Q3 Manhattan Townhouse Market Report

Manhattan townhouse sales were down 29.5% in the third quarter compared with a particularly strong quarter last year. But some of those sales are still in the pipeline, following a busy spring and early summer.

There were fewer houses to choose from, too, with inventory down 8.1% and new listings off 11.8% from a year ago. Prices came in lower, but that had more to do with the size of the apartments that sold than a broad decline in values. Meanwhile, the Upper East Side, Upper West Side, and Downtown have all maintained a steady pace of sales so far this year.

The takeaway: Fewer apartments are coming to market, but buyers are still buying. The story is more about limited supply than a market in retreat.

Photo: 111 E. 19th St., represented by the Takk Team at Compass. $6.5M.