Manhattan apartment sales jumped 29% in the first quarter from the same period a year ago, as the wealthy sought refuge from volatile stocks to buy real estate, according to new reports.
There were 2,560 closed sales in the quarter, up from 1,988 a year ago, according to a report from real estate appraiser Miller Samuel and brokerage Douglas Elliman. The total value of apartment sales increased even more, reaching $5.7 billion, up 56% over the same quarter last year.
The strength has largely been driven by the high end of the market and luxury properties. Sales of apartments priced at over $5 million soared by 49% compared with a year ago, according to brokerage Compass. The ultra-high-end, or properties priced at $20 million or more, had its best first quarter since 2019, Compass said.
“Largely insulated by mortgage-rate fluctuations and driven by portfolio diversification strategies, this highlights renewed confidence among luxury buyers and underscores the broader generational wealth underway,” Compass said.
The weakest segment of the market was what brokers consider the “mid-market” of Manhattan real estate, or properties priced between $1 million and $3 million. Signed contracts for those properties declined by 10%, according to Compass, while properties at the lower end, priced between $500,000 to $1 million performed better.
Source: CNBC
