Source: Compiled from the Elliman Reports 1st Quarter 2020 Highlights and Press Release
After a fast start to the quarter, the Coronavirus outbreak quickly slowed market conditions by early March.
New Year 2020 through mid-March, 2020
The first quarter of 2020 started with a 13.5% year over year jump in the number of sales to 2,407. Sales in eight of the ten price strata rose annually, with the most significant percentage gains seen from $4 million to $7 million. All three overall price trend indicators haven’t seen a year over year increase in three straight quarters as sellers slowly capitulated to softer market conditions. This adjustment resulted in a sharp rise in sales.
Final two weeks of March 2020
After two years of weakening sales, the first quarter of 2020 showed a jump in closings as sellers became more in sync with the current market. However, that pattern was not reflective of the recent change in market conditions that began in early March and has been measured in terms of days. The near-term outlook for the Manhattan housing sales market is predicated on how long the consumer thinks it will take for the pandemic footprint to decline and when “shelter in place” restrictions end statewide. If the outbreak is not prolonged, there is still potential for a release of pent- up demand, but this depends on the extent of damage done to the economy.
Categories: Douglas Elliman