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