SERHANT. Releases Year-End Report Detailing New York City's 2020 High-End Real Estate Market

Ultra-prime market soars and new records set amid broader market slowdowns

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Jan 28, 2021, 09:00 ET

NEW YORK, Jan. 28, 2021 /PRNewswire/ -- SERHANT., a multidimensional real estate brokerage that sits at the intersection of media, entertainment, education and technology, today announced the release of its Year-End 2020 Signature Report, a semi-annual report detailing sales activity $10 million and above in the Manhattan and Brooklyn real estate market.

Key findings from the SERHANT. Signature Report include:

Record prices: The luxury real estate market saw a median sales price of $16,050,000 and an average sales price of $22,658,414, both record highs. The condo market also set a new record for price-per-square-foot at $5,137.
Record number of sales over $50 million: The ultra-prime market, defined as properties priced $50 million and above, had a banner year in 2020, boasting the most condo transactions ever in a single year as well as the highest-ever percentage of deals in this price range.
Decrease in overall number of transactions: There were 106 transactions in 2020 priced at $10 million and above, a decrease from the previous year, due in-part to mandated stay-at-home orders early in the year that prevented in-person showings.

"The luxury sector outperformed the broader market in 2020, driven by legacy transactions and some COVID-concessions in the marketplace," said Garrett Derderian, director of market intelligence at SERHANT. "In any market slowdown, there are opportunistic buyers, and today's luxury buyer is extremely savvy and uses incredible amounts of data to make well-informed property-buying decisions."

The SERHANT. Signature Report shares a name with SERHANT. Signature, the firm's dedicated sales and marketing services for properties priced $10 million and above. Across the SERHANT. brokerage, which was founded in September 2020, the Signature division has been the most active in the firm.

"Even in a year as unpredictable as 2020, we continued to witness strong velocity in the luxury market," said Ryan Serhant, founder and CEO of SERHANT. "Buyers from around the globe saw opportunity in New York real estate, proving that the world still believes in this amazing city. The three P's will always sell: well-priced, good product, right place."

To view the complete SERHANT. Signature Report, click here.

About SERHANT.:
SERHANT. is the first real estate brokerage designed and reimagined for the marketplace of tomorrow. We grew from the #1 ranked sales team in New York City into a full-service firm that is revolutionizing the traditional real estate model. The company is a multidimensional brokerage, made up of SERHANT. Brokerage and New Development, including SERHANT. Signature, SERHANT. Studios and SERHANT. Ventures and powered by proprietary, internally developed technologies and marketing capabilities, ADX and ID Lab. SERHANT. sits at the intersection of technology, media, entertainment and education with a commitment to amplify success for its business, brokers, employees, developers, clients, sellers, global course members and the industry as a whole. Learn more at https://www.serhant.com/.

SOURCE SERHANT.