Coronavirus cases have dropped considerably in New York City, and the city and state are slowly reopening while other states are seeing rising case numbers. Industries in New York, however, are continuing to suffer from the last four months of restrictions, and the real estate market for Manhattan is seeing one of its worst months on record.
According to a new report from Miller Samuel and Douglas Elliman, sales of new apartments in Manhattan during the second quarter of 2020 fell by 54 percent – the largest percentage decline in 30 years. The report also stated that the median apartment price fell by 18 percent to just around $1 million on average. In total, there were 1,147 sales during the quarter, which is the lowest number ever recorded for the report.
New leases and sales have rapidly fallen since March, when COVID-19 restrictions in the city put a halt to one of the largest real estate markets in the world. Open houses and showings have been non-existent, and the mass exodus of wealthy New Yorkers has curbed any recovery for the months of May and June. Brokers were allowed to resume showing apartments on June 22, which has given prospective renters just two weeks to begin sales again.