CityRealty Quarterly Manhattan Market Report
Largely due to the impacts of the ongoing COVID-19 pandemic, for the second quarter of 2020 the average sales price of apartments in Manhattan fell 15% when compared to the same period of the second quarter of 2019. The number of recorded sales fell substantially (-60%), from 2,732 to 1,087 recorded transactions. The average sales price for all residential units, excluding townhouses was $1.99 million, down from $2.33 million in Q2 2019. The average price of a condo was $2.85 million and the average price of a co-op was $1.22 million. There were 515 condo sales, 557 co-op sales, and 15 condop sales.
The total dollar amount of residential sales in Manhattan fell to the lowest point since we've been keeping records (2003). There were 1,087 condo, co-op, and condop units sold in the second quarter of 2020 aggregating to $2.165 billion in sales. Due to the lag
in closings recorded by the city, we estimate 19.6% of second quarter sales have not yet been accounted for. Therefore, we project approximately 1,360 units have been sold amounting to $2.7B in sales. Following our projected estimates, the total number of transactions are down 44% compared to Q1 2020, and down 54% year-over-year.
There were $1.47B in condo sales in Manhattan in Q2 2020,down from $2.56B closed in first quarter. The average PPSF in the approximately 90-day period was $1,766, down 9% from the same quarterly period in 2019. Condo sales volume is significantly down 63% compared to the same period last year. The Upper West Side recorded some price and volume gains as
closings continue to come in for Waterline Square.
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