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LUXURY REAL-ESTATE SEES DECLINE IN SALES & PRICES DUE TO COVID-19

When it comes to luxury real estate, it’s no surprise that sales will be limited depending on who’s buying and in which location. Though over the course of 2020, for obvious reasons, luxury real estate sales have gone down from 2019 which saw 18 sales per week and 2018 which had 21 sales per week. The results following the COVID-19 crisis now have the weekly average of sales at around 11 per week.

 

This information comes from the weekly report from High-End Real-Estate seller, Olshan Realty on Monday. This report mainly applies to properties costing $4 million USD or more. Even though the events following the end of quarantine saw a rise in luxury sales, that is only a rise from 4 homes during quarantine. Again, in comparison to previous years, 2020 is seeing a major drop.

 

In comparison to 2019, contracts on homes $4million and above have roughly halved going from 738 to 445 this year. The most expensive home to be sold was on Park Avenue. It was previously bought in 2007 for $11.7 million and last week sold for $9.9 million. The apartment is 4,184 square feet with 5 bedrooms. The average price decrease was around 13%.

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