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.
Feel free to share the report with your friends via the attached PDF. If you’d like to take advantage of our Expertise in the art of pricing your home for Spring 2020 contact us claudia.saezfromm@corcoran.com.
