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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.
- Contracts signed dropped to their lowest level in over ten years. April 2020 saw six sales asking over $5M, down 92% year-over-year to their lowest level since December 2009.
- Active listings declined as sellers pulled listings and very few hit the market. Dozens of listings were taken off the market in April while less than 30 units over $5M hit the market, a 92% annual drop.
- Days on market rose, skewed by new developments. In April, two of three new development units signed after marketing for over year-and-a-half. The three resales that sold spent about six months on the market.
- Average price, based on very few sales, fell due to resales. Though all three sponsor deals signed asking over $3,000 per square foot, the resale average dropped sharply, pushing the marketwide average down to $2,538 per square foot.
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