First Quarter 2020 Manhattan Market Report

A Message from Halstead’s Chief Economist Greg Heym:

For what it’s worth, the First Quarter 2020 Manhattan Market Report shows an improvement in both sales and prices of apartments compared to a year ago.

The total number of closings was 9% higher than 2019’s first quarter, and the average resale apartment price ticked up to $1,560,357. The first two months of the quarter also saw a significant improvement in the number of signed contracts, as price corrections brought buyers back into the market.

Unfortunately, the momentum the Manhattan real estate market had was taken away by the coronavirus, which has virtually halted our industry, and many others. While there are still some closings taking place, restrictions enacted to stop the spread of the virus are inflicting great damage on the economy and real estate market.

Hopefully these measures will enable us to reopen the economy soon, so we can all go back to work. New York City has proven it can come back from the worst adversity, and this time will be no different.

View the full market report here.