Coronavirus halted Manhattan real estate sales in March

Manhattan real estate gross sales ground to a halt at the stop of March, and some field specialists say selling prices could drop 30% or far more at the time action resumes.

Total gross sales volume really increased fourteen% for the very first 3 months of 2020, boosted by a powerful January and February, according to a report from Douglas Elliman and Miller Samuel. But the common sale value for a Manhattan condominium fell eleven% in the quarter, to $1,887,740.

The final two months of March, when the coronavirus started to definitely hit the New York spot, showed a marketplace out of the blue in shock. According to Olshan Realty’s marketplace report, there had been only two contracts about $4 million signed in the final week of March — the worst week since August 2009, when the economical disaster rocked marketplaces.

The major signal of difficulties is listings. The selection

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