Manhattan Market Report - Q1 2020 - Compass Real Estate
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Q1 2020
Manhattan
Market Report
95 Greene Street #PHABE
Photographer: Will Ellis
150 Charles Street #8AN Photographer: Tim Waltman
To no one’s surprise, the coronavirus January sales were close to last year’s, estate market remains in uncharted
pandemic has made a dent in NYC while February had 10% more sales territory. Given the current conditions
residential real estate. The unexpected than in 2019. However, March in New York City and the 30-day
pandemic unearthed a never seen performance marks the downturn of extension of national containment
before economic state in the U.S. and the market. The first week of March guidelines, we anticipate a
globally. Its e ect is reflected by was hopeful with 8% more contracts significantly softer market in
reduced sales and stagnant markets in signed, but this boost did not carry Manhattan for at least the next 30
all NYC neighborhoods. through the remainder of the month. days. Recent stock market
As the severity of the COVID-19 performance and the overall stressed
New York City, the current US outbreak in the area increased, economy will certainly be
epicenter of the virus, has been activity in the market sharply contributing factors in overall activity.
significantly impacted. Open houses declined. This week alone, contracts
and showings were cancelled, taking plummeted 42% year-over-year, 37% We hope that everyone stays safe and
an inevitable toll on market activity in of active listings saw discounts and healthy and that our report provides
the last weeks of March. If the new inventory was almost non- useful information during this
anticipated trajectory of the virus existent. unprecedented time.
holds, we’re at the beginning of this
curtailed real estate activity. Like the virus, the state of the real
REGIONAL PRESIDENT, NY REGION SENIOR MANAGING DIRECTOR
Rory Golod Elizabeth Ann
Stribling-Kivlan
Methodology 05
Market Highlights 06
Sales by Property Type 07
Sales by Price Point 08
Inventory by Unit Type 09
Inventory by Price Point 10
SOURCES
Proprietary database,
ACRIS (Automated City Register Information System)
95 Greene Street #PHABE
Photographer: Will Ellis
Methodology
Geography covered in this report is Months of Supply is an estimated time
Manhattan. it would take to sell all current active
listings based on the trailing 12-
Inventory is calculated based on all months sales rate.
properties actively listed during the
quarter at the time the report is Time On Market is calculated by how
prepared. many properties entered contract
during the quarter in the given period.
Contract Signed figures for the
current quarter are based on publicly Discount is the percentage di erence
reported transactions at the time the between the initial list and recorded
report is prepared. The signed price sale price.
reflects the latest available asking
price. Current Quarter is reflective of the
initial day of the quarter until the 20th
Recorded Sales figures for the current day of the closing month of the
quarter are based on known closings quarter. These numbers will be
recorded at the time the report is updated in subsequent reports to
prepared. reflect the dataset of the entire
quarter.
Median Price is the middle price of a
given dataset. Quarters
Q1: January 1 - March 31
Average Price is the sum of all prices Q2: April 1 - June 30
divided by the total number of Q3: July 1 - September 30
properties. Q4: October 1 - December 31
27 North Moore #7CD
Photographer: Donna Dotan
Economic stressors led to increased
time on market and discounts.
$1,958,611 $1,353
Average Average Price
Sales Price Per Square Foot
$1,100,000 175
Median Average Days
Sales Price on the Market
$2,553,612 10%
Manhattan Market Report
Average Average
Condo Price Discount
$1,392,997 42%
Compass
Average of Properties Took
Co-op Price More than 180 Days
to Enter Contract
06
150 Charles Street #8AN
Photographer: Tim Waltman
Recorded Sales
BY PROPERTY TYPE
Condos saw the most significant price changes, with declines in all
metrics
Co-ops were slightly more a ordable despite higher median and
average prices
Co-ops sold 22% faster than condos on average
3-bedroom units saw their median price decrease 4% and average
price decrease 7%
Units with four or more bedrooms had an 11% higher median price, a
result of price distribution changes in the lower half of the market
27 North Moore Street #7CD
Photographer: Donna Dotan
Condo Recorded Sales Co-op Recorded Sales
Q1 2020 Q1 2019 %Δ (YoY) Q1 2020 Q1 2019 %Δ (YoY)
Manhattan Market Report
# UNITS 796 780 2% # UNITS 1,066 1,055 1%
AVERAGE DISCOUNT 11% 10% AVERAGE DISCOUNT 9% 8%
MEDIAN PRICE $1,550,000 $1,608,000 -4% MEDIAN PRICE $840,000 $820,000 2%
AVERAGE PRICE $2,553,612 $2,801,820 -9% AVERAGE PRICE $1,392,997 $1,305,763 7%
Compass
AVERAGE PPSF $1,585 $1,745 -9% AVERAGE PPSF $1,043 $1,074 -3%
AVERAGE SF 1,326 1,347 -2% AVERAGE SF 1,125 1,043 8%
07
Recorded Sales
BY PRICE POINT Q1 2020 Percentage of Units
The average price per square foot in properties priced less than $500K
and $1-3M fell 8%
Properties sold between $5-10M were on the market 29% longer than
usual
The $5-10M bracket reached a 15% average discount, a 5% increase
from last year
Despite a 14% increased average time on market, the $500K-1M price
point saw 41% sell within 90 days, the most of any group
Q1 2020 Average PPSF
The $5-10M and $20M+ price points saw price declines, while all other
groups increased, though only slightly (2%)
Properties between $500K-1M reached their highest market share on
record, while those under $500K were at their lowest
Studios, on average, were 10% more a ordable than last year, despite
falling into multiple price brackets depending on submarket
Manhattan Market Report
Upper East Side condo sales saw a 35% lower average price, but were
also 19% smaller compared to last year
Q1 2020 Average Size
The average sales price of co-ops in Midtown East was up over 40%,
with many new development sales going through
Compass
08
Manhattan Market Report
Compass
95 Greene Street #PHABE
09 Photographer: Will EllisCondo Inventory
Co-op Inventory
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is
161 Hudson Street #PH9A/8B compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the
accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as
Photographer: Will Ellis legal, accounting or other professional advice outside the realm of real estate brokerage.You can also read
