Coronavirus

NYC sees rise in sales activity and new high for median price

A new report from PropertyShark says first week of June was “the most active week in terms of transactional activity since late March, by a significant margin.”

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Here’s an encouraging sign for sellers in New York City: Sales activity is on the rise here, and the first week of June saw the highest median sales price of the year so far.

The latest weekly NYC sales market report from PropertyShark found that between June 1st and June 7th, 409 deals were recorded. That’s an increase of 48 percent week over week, making the first week of June “the most active week in terms of transactional activity since late March, by a significant margin,” the report says.

Sales activity is still 50 percent of what NYC saw in June 2019, when there was a surge of buyers rushing to beat the new mansion tax that went in effect in July 2019.

Even though sales activity has been way off 2019 levels, the median sales price in NYC has remained higher in comparison, the report notes. So far June has continued the trend, with a median sales price of $743,000, an increase of 2 percent over last year. 

PropertyShark’s snapshot of Covid-19’s impact on the NYC market looks at sales of condo, co-op, single- and two-family homes in Manhattan, Brooklyn, the Bronx and Queens.