The toll of COVID-19 is evident across most Q2 data points in the New York City market. Stay at home orders restricted in-person tours and many potential buyers and sellers paused because of overall market uncertainty. Nevertheless, Manhattan median listed prices and average price per square foot remained slightly above Q2 2019 and Q1 2020 prices. Sales surpassed 1,200, approximately half of what they were in Q2 2019, and contracts, new listings, and total inventory saw a large decrease year over year and quarter over quarter.
While Brooklyn saw the impact from COVID-19 stay at home restrictions, the average price per square foot and median listed price were both up year over year, and the decrease in number of sales was only 30%, compared with a 50% dip in Manhattan during the same time period. Signed contracts, new listings, and total inventory were down considerably year over year and quarter over quarter, as was expected due to COVID.
Queens continues to show signs of a strong and resilient market with Q2 increases in average price per square foot and listing price, and only moderate decreases in number of sales and total inventory.
Figures in this report are based on publicly reported data from Automated City Register Information System (ACRIS) as well as proprietary data.