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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.