Manhattan home sales experience record decline

Sales volume tanked 54% as shelter-in-place order kept brokers and buyers on the sidelines

New York /
Jul.July 02, 2020 02:00 PM
(iStock)

(iStock)

Manhattan home sales plunged by the sharpest decline in 30 years this spring as the coronavirus left brokers and buyers on the sidelines.

The number of closed condo and co-op sales during the second quarter of the year tanked more than 54 percent from the same time last year, according to a report from Douglas Elliman and appraiser Jonathan Miller. Just 1,357 sales closed, compared to 2,957 closed deals in the second quarter of 2019.

“As ‘shelter-in-place’ rules took effect in the final weeks of March, real estate brokers were not permitted to perform in-house showings and uncertainty loomed over the market,” Miller Samuel CEO Jonathan Miller said. “As a result, Manhattan was effectively shut down throughout the second quarter until the final week. The unprecedented shutdown skewed the results.”

The median sales price dropped 17.7 percent year over year to $1 million. Listing inventory fell 17.6 percent to 6,225 homes, and the days on the market climbed 8.8 percent to 124 days.

The state only allowed brokers to resume in-person showings in the last week of June, as New York City started phase two of its reopening.

The number of signed contracts in Manhattan in June showed a slight increase from May, though were still far below last year’s figures.

Contact Rich Bockmann at [email protected] or 908-415-5229


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