September 2020: The Luxury Market’s Rebound Continues
This September, $5M+ sales, active listings, and average price per square foot all increased compared to last month and last year.
- Sales increased. September sales rose about 70% versus last year and last month to a seven-month high of 39 deals. While the $5M+ market is regaining strength, the annual increase was exaggerated by a weak September 2019 following the July 2019 tax hike.
- The surge in active listings continued. Active listings over $5M increased by double-digits for the eighth consecutive month and reached their highest September total in at least ten years.
- Days on market, higher than last year, fell versus last month. This was the second month in a row that a monthly improvement in sales corresponded with a monthly decline in days on market.
- Pricing driven higher by penthouse sales. At $2,944, average price per square foot was 4% higher than September 2019 and 21% higher than August. Pricing was driven higher by an increase in contracts signed on penthouses featuring large outdoor spaces.