Manhattan Real Estate Market Struggles in Q1 2021

Manhattan real estate sales fell 38% in Q1 2019, with total sales volume at $4.4 billion, compared to $7.1 billion in Q1 2018. The average sales price fell 5% to $1.95 million and the median sales price fell 10% to $1.075 million. However, cash deals rose to a record 57% of all sales in the quarter, with three-quarters of all sales over $5m being all cash. The share of luxury sales that resulted in bidding wars rose to a record high of over 11% in the quarter. Brokers say the biggest challenge for deals is the wide gap between buyer and seller price expectations.