Manhattan Residential Sales Fell 23% In Q1

While some Manhattan neighborhoods have fallen in pricing, other neighborhoods have reported significant sales increases, according to M.N.S.

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NEW YORK CITY—Overall sales and pricing per square foot are down in Manhattan residences compared to Q1 2019, according to New York City real estate firm M.N.S.

Median sales price fell by nearly 23% from $2.9 million in Q1 2019 to $2.3 million in Q1 2020. Price per square foot is also down 4.5% from Q1 2019′s $2,110 to $2,014.

Manhattan residential sales also continue to slide from last quarter, according to M.N.S. Sponsor sales in Manhattan decreased 13% from Q4 2019′s 346 sales to 301 in Q1 2020. Total sales volume also fell nearly 24% as median sales price dipped by 1.3%.

However, while some neighborhoods’ pricing has dropped, some areas have experienced a sales boost.

The Upper West Side had the highest number of sponsor sales this past quarter, according to the M.N.S. report. Out of 301 total sales, 64 (or 21.3%) occured in the Upper West Side. The second-highest amount of sales occurred in Harlem, with 58 (19.3%) sales.

The Murray Hill area had the largest market upswing, according to M.N.S. The median sales price in Murray Hill increased 36% to $1.9 million, as the neighborhood’s median price per square jumped by 35.5%. Earlier this month, we reported that Jones Lang LaSalle was selling a Murray Hill-based 9,124-square-foot apartment building for $10.25 million.

Meanwhile, Midtown West experienced the largest quarterly downswing, M.N.S. reported. The median price per square foot fell 28% to $2,425. Still, the median sales price in Midtown West grew nearly 72% from $1.9 million to $3.4 million.

M.N.S. reported 42% of sponsor unit sales were for one-bedroom units, 31% were two-bedroom residencies, while 26% were three-bedroom or larger dwellings and only 2% were studios.

Office Leasing is Also Sluggish

As Manhattan sales dip in residential units, downtown and Midtown Manhattan office leasing has also been sluggish. Last month, we reported that Midtown is on track for the largest quarterly supply of office inventory in five years. However, downtown and Midtown South did secure  office leasing agreements in 2019, but with COVID-19 emptying many Midtown offices, inventory is only growing as more people work from home.