It's no secret that the last few months have been challenging for Manhattan real estate. The pandemic initially made heavily-populated urban areas less attractive to buyers, and Manhattan was no exception. Although the Manhattan 2020 Q3 report shows third-quarter year-over-year sales down 36%, there were still bright spots. Ultra-luxury homes, $3-5M units, and 1+ bedroom units saw increased activity. Work from home orders and quarantines have prompted buyers to look for larger spaces- whether that be in spacious, ultra-luxury homes or simply by getting a unit with more bedrooms.
Another indicator to watch is the 45% increase in new listings. This could be a sign of the market's resilience, showing sellers are confident that the market will come back.
For more details, click on the image below for the Manhattan 2020 Q3 Market Report.