- Jump in new development closings in Manhattan, according to Jonathan Miller of Miller Samuel
- Median price increase of +5.1% in Manhattan
The latest reports regarding sales in the Manhattan housing market indicate that the number of residential sales increased +38.3% in Q4 2019 compared with Q3 2019 residential sales. This quarterly increase of +38.3%, according to a Douglas Elliman report authored by Jonathan Miller, chief executive of the real estate appraisal firm Miller Samuel, remained -20.6% lower than Q4 2019.
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Miller said, “Generally speaking, the Manhattan housing markets have tightened up a lot, but still (are) not fully recovered from last year.” (Just a reminder that due to holiday commitments and celebrations, sales activity and volume drop an average of -11% from Q3 to Q4 in the last 20 years.)
Reports indicated that this quarterly sales increase from Q3 to Q4 2020 in Manhattan residential markets was due to continued low interest rates, a continued release of pent-up demand, falling prices and a clearer political climate.
The median sales price in Manhattan’s residential markets overall increased +5.1% from 2019 to 2020. However, the median sales price among Manhattan’s new developments increased an eye-opening +11.1% year-over-year to $2.76M while the median price of existing resale properties decreased -1.5% to $925,000 on a year-to-year basis.
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Even more noteworthy is that sales of condominiums priced at or above $5M increased +36.1% y/y in Q4 2020 while simultaneously, sales of condos priced below $5M declined -15.7% y/y. Miller said, “The higher-end of the market is starting to wake up, as high-end sellers are pricing their properties more reasonably, pulling in more buyers.”
In a separate report by Corcoran, signed pending contracts in Q4 increased +8% y/y. Pamela Liebman, CEO and president of Corcoran, said, “Pent-up demand contributed to the rebound, but falling prices, low interest rates, more negotiability, a clearer political climate plus news of a vaccine were key contributors as well.”
Thanks to MansionGlobal.
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