While the $780,000 median of July 2019 also reflected the pre-mansion tax sales frenzy that had occurred in the upper end of the market, this was not the sole cause of the 13% Y-o-Y drop that was recorded in July 2020. We excluded all sales below $10,000, as well as all package deals. We must let time do its work in this most horrific season as well. June’s median also resulted in a Y-o-Y price contraction of 37% — due, in part, to the rush to close high-end deals prior to the mansion tax during the year prior. For this snapshot of the COVID-19 pandemic’s influence on the NYC residential market, we considered all sales of condo, co-op, single- and two-family homes registered between January 1, 2019, and June 28, 2019, as well as January 1, 2020, and June 21, 2020. We defined NYC as the four boroughs of Manhattan, Brooklyn, the Bronx and Queens. On the high-end of the market, the number of over-$4 million “luxury” apartment purchase contracts in Manhattan last week was the highest since March. A total of 476 sales were registered between June 15 and June 21, representing a 36% year-over year drop – the same as the last week of March. From a pricing perspective, Brooklyn performed somewhat weaker in the first six months of the year, with its $750,000 median sale price only 3% higher than in H1 2019. But, the trend began to shift in June and reversed completely in July. In fact, although sales activity growth in the borough bottomed out at a negative 58% in April, the median sale price jumped 19% to reach a YTD high of $630,000, followed closely by June’s $619,000. Homes for Sale in Brooklyn, Queens and Manhattan This week’s properties are in Prospect-Lefferts Gardens, Forest Hills and Kips Bay. It also marked the first time that the median dropped below $700,000 this year. For this snapshot of COVID-19’s influence on the NYC residential market, we took into account all sales of condo, co-op, single- and two-family homes registered between January 1, 2019, and March 20, 2019, as well as January 1, 2020, and March 20, 2020. March kicked off with sales activity 15% higher than the same period last year, only to see it drop 36% Y-o-Y by month’s end. In particular, May brought a 33% price surge to the Bronx and lifted the median sale price to a year-to-date high of $531,000. The year actually started off well, promising increased sales activity — until projections and expectations were shattered by the uncertainty and upheaval of March. Specifically, the first half of 2019 totaled 5,487 residential sales for a median sale price of $1.2 million, whereas the first half of 2020 recorded 3,775 sales for a $1.05 million median. As a result, July’s recovering sales activity also decreased the YTD sales activity by only 1% Y-o-Y. Overall, Queens registered 5,137 sales in the first half of 2020 for a median sale price of $585,000. All figures were calculated at city level, regardless of borough. Along the same lines, Brooklyn’s August sales activity came in at 437 transactions, marking the second-slowest month of sales this year. Sales activity bottomed out in April at 61% below April 2019, with a mere 1,549 deals recorded in the four boroughs in the entire month. Soho isn’t dead despite a blight of empty storefronts. This story has been shared 491,227 times. We defined NYC as the four boroughs of Manhattan, Brooklyn, the Bronx and Queens. Overall, May 2020 closed with a median sale price of $705,000, marking a 4% gain over May 2019. However, May kicked off with noticeably stronger sales trends than April, registering 737 deals in the first half of the month. Lower rents resulting from more empty apartments might also lure new people to town. While sales activity data for the last week of March began reflecting COVID-19’s arrival in NYC, pricing metrics actually showed an uptick. June’s first half however presents a whole new picture with strengthening sales trends and the first significant year-over-year price drop. Meanwhile, Curbed reports that rents are actually rising by 0.3 percent in Queens neighborhoods that were most harmed by last spring’s horrific COVID plague — including in East Elmhurst, Corona and Jackson Heights. On the other end of the spectrum, June’s median underwent a Y-o-Y price contraction of 37%, due, in part, to the rush to close high-end deals prior to the mansion tax during the year prior. What’s more, two weeks of the month surpassed 500 transactions — a level of transactional activity not seen since late March. Specifically, both March and April boasted a 5% Y-o-Y price gain. It was followed by 322 deals in the second week of April – still a 61% year-over-year contraction, but also a surprising 8% week-over-week uptick.

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