Manhattan co-op sales prices saw 11% drop in Q2

The Covid effect led to largest price drops in UES, UWS and Midtown compared to Q1, according to a Real Deal analysis of data

TRD New York /
Aug.August 14, 2020 08:00 AM
(iStock)

(iStock)

Manhattan co-op prices plummeted in the second quarter.

The median sales price for co-ops fell to $750,000 from April through June. That’s a near 11 percent drop from $840,000 in the first quarter, according to a Real Deal analysis of data from listings platform Online Residential. The price drop was about the same from the second quarter of 2019, when the median sales price was almost $850,000.

Though the volume of home sales in Manhattan plummeted as a result of the pandemic, co-op prices fared worse than condos, in spite of the vast oversupply of new development condominiums.

The median sales price of a Manhattan condo actually rose 3.4 percent last quarter to $1.6 million, as compared to the first three months of the year. That $1.6 million figure was an 18 percent drop year over year. But some industry executives say the Manhattan residential market in the second quarter of 2019 is an unfair comparison because of the record number of luxury sales that closed just before the new mansion tax took effect.

Second quarter statistics were not all doom and gloom.

Some areas, such as Sutton Place and Midtown West, saw price growth compared to both the first quarter of 2020 and the same period in 2019. Chelsea, Hamilton Heights and West Harlem also had similar results and co-ops in all three neighborhoods saw the largest annual gains in sales price.

Price swings

When broken down by neighborhood, co-ops in Manhattan’s wealthier enclaves saw the biggest swings in so-called pandemic pricing.

Carnegie Hill, Tribeca and both the Upper East and Upper West Sides had significant declines in median sales price as the pandemic shut down the city, TRD’s analysis shows. The drops were seen both in quarter over quarter, and year over year.

Carnegie Hill saw median sales price fall to $965,000 in Q2, down 47 percent from $1.8 million year-over-year. That was the largest decline in the borough. Next was Greenwich Village and the Upper West Side, which saw a 26 percent drop to $890,000 and a 25 percent plunge to $925,000, respectively.

When considering changes in pricing from the first quarter to the second quarter of 2020, co-ops in Midtown East and Seaport also saw meaningful drops in sales price.

Median sales prices for Midtown East co-ops fell a stunning 78 percent to $970,000, from $4.4 million during the first quarter of 2020.

Seaport co-ops, meanwhile, saw a 21 percent falloff in sales price to $692,000, from $878,000 in Q1.

Write to Erin Hudson at [email protected]


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