Manhattan actual property gross sales floor to a halt on the finish of March, and a few business specialists say costs may fall 30% or extra as soon as exercise resumes.

Whole gross sales quantity truly elevated 14% for the primary three months of 2020, boosted by a robust January and February, in accordance with a report from Douglas Elliman and Miller Samuel. However the common sale worth for a Manhattan residence fell 11% within the quarter, to $1,887,740.

The final two weeks of March, when the coronavirus started to actually hit the New York space, confirmed a market immediately in shock. In line with Olshan Realty's market report, there have been solely two contracts over $four million signed within the final week of March the worst week since August 2009, when the monetary disaster rocked markets.

The largest signal of hassle is listings. The variety of new listings within the final week of March plunged 85% in contrast with the identical interval a 12 months in the past, in accordance with UrbanDigs. Sellers additionally pulled present listings off the market, since consumers both...