Manhattan apartment sales fell 54 percent in the second quarter of this year, marking the steepest decline in 30 years, according to a report by Miller Samuel and Douglas Elliman. obtained by multiple media.
The average sales price fell 18 percent to just $ 1 million, the biggest decline in a decade. A Compass study found There were only 1,147 sales in Manhattan in the second quarter, the lowest number on record.
The report noted that he took a course during a period that overlapped with New York’s ban on in-person apartment visits, an “unprecedented shutdown [that] skewed the results. “
“Manhattan was effectively closed during the second quarter until the last week,” said the Miller Samuel-Elliman report.
The ban on in-person apartment displays in New York was lifted last week. Any increase since June may not have materialized by the time the report was released.
“Agents are going nonstop right now,” Bess Freedman, CEO of Brown Harris Stevens, told CNBC.
Freedman said vendors “cannot marry pre-pandemic prices” and will have to negotiate under current conditions as more people are currently leaving the city instead of moving.
“There will be an incredible offer of rentals,” said Freedman. “We are going to see a lot of negotiations and incentives for the owners.”
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