I am pleased to share the Corcoan $5M Report released February 2020 Corcoran $5M+ Report for Manhattan, featuring the best insights on the luxury condominium and co-op market in Manhattan.
Here’s what happened in Manhattan’s luxury market during February 2020:
- Contracts signed asking over $5M rose for the fourth consecutive month. February 2020 had a total of 61 contracts signed asking over $5M, seven more than last year.
- Supply increased as listings accumulated. The resale market, in particular, had a steep increase in listings spending more than six months on the market. New development active inventory rose by a small number of units.
- Days on market increased by about 40 days. Apartments asking over $5M averaged about ten months on the market, but this figure was skewed by a few new development units finally signing after marketing for more than two years.
- More sales over $3,000 per square pushed price figures higher. Average price per square foot at $2,854 rose 4% annually, driven by new development sales with park and river views signing for asking prices over $3,000 per square foot.
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