Ali Ata on Real Estate News Manhattan Real Estate Business Falls to a Standstill; Industry Experts Say Prices Could Plunge Some More
Ali Ata notes that Manhattan's real estate sales have fallen to zero at the end of March. Industry experts predict that prices could dive 30% or more once business resumes. Total sales volume rose 14% from January to early March of 2020, powered by a robust first two months, says a Douglas Elliman and Miller Samuel report . However, the average sale price for a Manhattan apartment dove 11% in that quarter to about $1,887,740. Market in shock When the coronavirus outbreak began to affect the area in the last two weeks of March, the market went into shock. According to a report from Olshan Realty, only two contracts above $4 million were signed in the last week of the month. Ali Ata observes that it was the worst week for the market since that fateful August in 2009 when the financial crisis hit. New listings went down by 85% in the latter end of March compared with the figures from a year ago, says a report by UrbanDigs . Sellers pulled off existin...