U.S. markets open in 5 hours 30 minutes
  • S&P Futures

    3,245.00
    -57.25 (-1.73%)
     
  • Dow Futures

    26,096.00
    -461.00 (-1.74%)
     
  • Nasdaq Futures

    11,093.00
    -249.75 (-2.20%)
     
  • Russell 2000 Futures

    1,535.00
    -23.40 (-1.50%)
     
  • Crude Oil

    35.81
    -0.36 (-1.00%)
     
  • Gold

    1,870.80
    +2.80 (+0.15%)
     
  • Silver

    23.32
    -0.05 (-0.19%)
     
  • EUR/USD

    1.1681
    +0.0003 (+0.02%)
     
  • 10-Yr Bond

    0.8350
    0.0000 (0.00%)
     
  • Vix

    40.46
    +0.18 (+0.45%)
     
  • GBP/USD

    1.2916
    -0.0007 (-0.06%)
     
  • USD/JPY

    104.3460
    -0.2640 (-0.25%)
     
  • BTC-USD

    13,206.24
    -280.99 (-2.08%)
     
  • CMC Crypto 200

    258.90
    +16.22 (+6.68%)
     
  • FTSE 100

    5,581.75
    -1.05 (-0.02%)
     
  • Nikkei 225

    22,977.13
    -354.81 (-1.52%)
     

Manhattan apartment sales drop by 46% in third quarter, leaving 10,000 units unsold

Danielle Wallace
·2 mins read

Manhattan apartment sales have dropped by 46% in the third quarter, CNBC estimated Friday, citing data from multiple real estate reports.

CONDOS COULD MAKE COMEBACK IN HOUSING MARKET IF SINGLE-FAMILY HOME PRICES KEEP RISING

New York City is experiencing a mass exodus, as many relocate to suburbs in the tristate area or down to Florida to escape the likelihood of rising taxes to make up for large economic losses suffered during the coronavirus pandemic. The city is also facing a rising unemployment rate, and only about 10% of corporate employees have returned to their offices from remote work.

There are about 10,000 apartments currently for sale in Manhattan, according to data from the real-estate company Compass. New listings have continued to flood the market, but there’s a shortage of buyers and the current number of apartments for sale would take about three years to sell, according to a report from Miller Samuel and Douglas Elliman.

PART OF ORIGINAL MOUNT VERNON ON THE MARKET FOR $60M IN VIRGINIA

Despite real estate brokers touting a “buyers’ market” for months, the average sale price of apartments in Manhattan has actually increased in the third quarter by 32% to $2.18 million. The median sale price increased by 7% to $1.1 million.

This may be attributed to statistical flukes, according to analysts who pointed to depressed market activity in the third quarter of 2019 due to the city’s new mansion tax, as well as a series of high-priced deals negotiated years ago closing recently for the new luxury condominium tower 20 Central Park South.

Only 1,375 sales went through in the third quarter, marking a 44% drop from the same time last year. Signed contacts for September also dropped by 42% in Manhattan from last year.

CLICK HERE TO READ MORE ON FOX BUSINESS

Miller said he does not anticipate an improvement in the market in the fourth quarter, but there could be an increase in sales by 2021 depending on quality-of-life issues like policing, sanitation and public transportation.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Related Articles