Contact me here for assistance with buying or selling a home in Manhattan and Brooklyn.
Contact me here for assistance with buying or selling a home in Manhattan
June 2020: Luxury Activity Slowly Improving
With in-person showings not allowed for the majority of June, activity in Manhattan’s $5M+ market remained below 2019 levels, but sales, pricing, and active listings all increased versus May.
· Sales nearly tripled versus May, but fell from a year ago. June saw 26 contracts signed asking over $5M, a jump from ten in May. Yet, given the shutdown, sales were still much lower than last year. (Note: June 2019 was extra active due to the July 2019 tax hike.)
· Active listings, up from last month, are still below pre-Covid levels. As with sales, there were fewer active listings than 2019 or early 2020 due to Covid-19, but at 925 units rose 2% from May.
· Days on market climbed, skewed by a few sales. Although up for a fifth straight month, the 316-day average was exaggerated by two units signing after more than two years on the market.
· Price statistics spiked due to new development. Four sales skewed June price figures. While resale pricing continued to cool, four new development sales on 57th Street asking over $4,000 per square foot drove the overall average higher versus a year ago.
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April 2020: The Pause Continues
Activity in the Manhattan $5M+ market remained subdued in April 2020 as the trends of fewer sales, declining listings, and lower prices that began in March as a result of New York’s Covid-19 outbreak continue to affect Manhattan’s spring market.
Contact me here for assistance with buying or selling a home in Manhattan and Brooklyn.
Contact me here for assistance with buying or selling a home in Manhattan and Brooklyn.
Contact me here for assistance with buying or selling a home in Manhattan
Contact me here for assistance with buying or selling a home in Manhattan and Brooklyn.
Manhattan Trends:
Buyers are taking notice of the discounts available in the market and as a result, contract activity rose versus November 2018.
The condo market captured a smaller market share of sales under $1M, which resulted in annual price increases for both the average and median sale price for this product type.
However, with buyers choosing more space over a prime location, average price per square foot dropped 9% annually for condos.
On the contrary, average and median price statistics for co-ops experienced declines as co-op buyers, on average, purchased smaller apartments.
Listed inventory for both condominiums and co-ops expanded by double-digits versus last year.
As a result, average days on market increased for both property types.
Brooklyn Trends:
In November 2019, Median sale price increased 15% year-over-year and average price increased 12% annually, due to a reduced share of sales below $1M and fewer Central Brooklyn sales compared to last year.
In addition, price statistics were skewed higher this month due to high-end townhouse sales including three sales over $5M compared to none last year.
However, average price per square foot was only 1% higher… indicating that price growth was due to the sale of larger residences, not market appreciation.
Contract activity decreased by 4% compared to last year and has declined annually during eight of the last twelve months.
Because larger residences tend to take longer to sell, days on market increased 54% year-over-year to 120 days on average in November, which was the fifth consecutive month above the Brooklyn three-year average.
Newly listed apartment inventory fell 29% year-over-year and was the lowest figure since December 2018.
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Manhattan Trends:
Brooklyn Trends:
In October 2019, price statistics and days on market rose compared to last year.
Median sale price increased 13% year-over-year and average price increased 9% annually, due to the constricted market share of sales under $1M compared to last year.
Contract activity remained essentially unchanged compared to last year, the smallest annual decline in sales since March 2017, yet was the lowest sales figure for any October in Brooklyn since 2013.
Days on market increased 19% year-over-year to 93 days on average in October, which was the fourth consecutive month above the Brooklyn three-year average.
Newly listed apartment inventory fell 19% because last year was skewed by several new development launches.
Contact me here for assistance with buying or selling a home in Manhattan and Brooklyn.
Manhattan Trends:
Brooklyn Trends:
Contact me here for assistance with buying or selling a home in Manhattan or Brooklyn.
Manhattan Trends:
Brooklyn Trends:
