August 2020: Manhattan’s Luxury Market Holds Steady
This August, $5M+ sales were nearly level with last month, active listings rose quickly, and pricing cooled as result of fewer very high-price deals.
- Sales, while lower than last year, were nearly level with July. August saw 23 sales over $5M, a 51% annual decline. The market is still rebounding from very low levels earlier this year, so the annual decline is unsurprising. More importantly, sales fell by just one from July, suggesting the $5M+ market has stabilized for now.
- Active listings continued to climb. As seen last month, active listings, which are usually lowest in August, instead increased by 7% from last month and 11% from last August to 1,001 listings.
- Days on market remains high, but was lower than last month. With buyers returning, days on market rose by its slowest pace in six months, and decreased by 50 days on average versus July. Seven apartments signed in under 90 days, on par with last year.
- Prices moderated versus last year. At $2,431, average price per square foot fell amid a drop in the share of sales in prime locations and for units on high-floors with quality water, park or city views.