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Manhattan Market Report | 4th Quarter 2020

 


In the last quarter of 2020, the Manhattan residential real estate market continued to experience turbulence while showing resilience and signs that a turnaround is imminent as one of the most challenging and unpredictable years on record ends. 

Impacted by pandemic-related issues and the uncertainty around the presidential election, sales were down 19 percent year-over year. Despite sluggish sales, contract activity was up four percent compared to Q4 2019, indicating that COVID-19 has slowed the home buying process but has not halted families and individuals from investing in Big Apple properties. 

Overall, inventory increased 29 percent year-over-year, highlighting that sellers trust their assets' value and are optimistic about the market. The luxury apartment segment, units priced at 20 million and over, was the exception; inventory declined by 36 percent year-over-year, pointing to seller confidence in their homes' long-term investment. 

As of this report's writing, there are 9,000 active listings in the borough, a temporary decline as market activity slows down around the holidays

As we enter a new year and with multiple vaccines available, the election results certified, and with record low-interest rates, we can expect a Manhattan real estate renaissance in 2021. The robust contract activity in Q4 will be reflected in the sales in the first quarter of the year, and we expect this momentum only to accelerate.


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