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


Related Articles

arrow_forward_ios
Robert Reffkin 
Compass’ Robert Reffkin bought $16M Tribeca pad: sources
Compass’ Robert Reffkin bought $16M Tribeca pad: sources
17 West 54th Street and Stuart Froum (Google Maps, Linkedin)
Renovation of stately co-op pits gum surgeon against board
Renovation of stately co-op pits gum surgeon against board
William and Arthur Zeckendorf with the XI (Getty)
Letter shows Zeckendorf eyeing takeover of HFZ’s High Line project
Letter shows Zeckendorf eyeing takeover of HFZ’s High Line project
Ziel Feldman and renderings of the West Chelsea property. (The Xi)
HFZ is behind on $160M in payments at the XI: lender
HFZ is behind on $160M in payments at the XI: lender
Empty offices, shut down retail stores, closing restaurants and literal fires are among the biggest real estate disasters of 2020. (Getty)
Worst of the worst: The real estate disasters of 2020
Worst of the worst: The real estate disasters of 2020
Moonbeam Capital Steven Maskin. (iSock, Moonbeam)
Private equity exec picks up $9M condo at Trump World Tower
Private equity exec picks up $9M condo at Trump World Tower
Clockwise from top: David Bistricer of Clipper Equity, Joseph Chetrit a rendering of the Gramercy Square condominium and Robyn Sorid of G4 Capital Partners (Photos via Clipper Equity, Getty, VUW, G4)
Chetrit, Bistricer’s Gramercy Square condo lands $207M loan
Chetrit, Bistricer’s Gramercy Square condo lands $207M loan
Ziel Feldman and 11 East 68th Street (Getty, Google Maps)
Take my condo, please! Ziel Feldman puts his own UES pad on the market
Take my condo, please! Ziel Feldman puts his own UES pad on the market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...