Real Estate

Manhattan apartment deals plunge 57%, suburban real estate surges

0


Apartment contracts in Manhattan fell by more than half in July, while deals in many New York suburbs more than doubled, showing a continued flight from the city over the summer.  

The number of signed contracts for co-ops and condos in Manhattan — the best real-time measure of activity — dropped 57% in July compared with a year ago, according to a report from Miller Samuel and Douglas Elliman. The high-end of the market is getting especially hard hit, with co-ops priced between $4 million and $10 million down over 75%.

As deals dry up, the number of apartments listed for sale is surging. New apartment listings jumped by 8% in July compared with a year ago. The number of unsold apartments is now at the highest level in almost a decade, according to Jonathan Miller, CEO of Miller Samuel. At the current sales rate, there is more than a 17-month supply of apartments for sale — more than twice the typical Manhattan average of about eight months.

Miller said the lockdown in the city — which prevented brokers from showing apartments until late June — combined with hundreds of thousands of affluent New Yorkers fleeing the city for the…



Click here for the full story.
https://www.cnbc.com/2020/08/06/manhattan-apartment-deals-plunge-57percent-suburban-real-estate-surges.html

2021 Ford Expedition Review | Price, specs, features and photos

Previous article

United States Consumer Confidence Price Trends | 1978-2017 Data

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Real Estate