Manhattan Market Report | Q2 2020

The final two weeks of the first quarter brought never-before-seen conditions to the Manhattan real estate market. Nearly four months later, we're starting to see a glimpse of what the new reality will look like as technology plays a larger role in real estate and consumer preferences shift. 

As a result of the global pandemic and a halt on physical showings, contract activity fell 73 percent lower than in Q2 2019. This number would undoubtedly be higher had it not been for digital tools including virtual open houses/showings, enhanced 3-D staging, and other innovations that kept real estate activity alive. 

The use of digital technologies will only accelerate in the future, as agents and consumers continue to look for techsolutions to make the home buy-and-selling process as efficient and safe as possible. 

Unsurprisingly, sales were down 65 percent year-over-year to the lowest level on record. We have not seen the flood of inventory like in 2008-2010, but this deserves attention in the coming months as conditions may continue to change in the near future. 

Due to the restrictions on the industry, this quarter's real estate performance has limited long-term predictive value. 

Full Q2 2020 Manhattan Market Report