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Manhattan Market Update January 2021

Manhattan Market Update January 2021

January was an important month for sales and a good measure for where we might go from here. We wanted to provide you with an expanded market snapshot that delves deeper into the Manhattan condo and co-op sales in January.

This snapshot will review:
  • Contracts Signed: Number of condo and co-op contracts reported signed during the month
  • Active Listings: Number of active listings inventory as of the last day of the report month
  • Days on Market: Average days on market for the month plus a 3-month moving average
  • Average PPSF: Average price per square foot of contracts signed during the month
  • Negotiability Factor: Average percent discount off last asking prices for the report month
  • Contracts Signed by Price Range: Condo and co-op contracts reported signed by price bracket
  • Contracts Signed by Submarket: Condo and co-op contracts reported by submarket

Each and every submarket (neighborhood, size, price point and property type) reacts differently and we are happy to answer any questions you may have about your properties particular market.

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September 2020 Manhattan $5M+ Report

September 2020 Manhattan $5M+ Report

September 2020: The Luxury Market’s Rebound Continues

This September, $5M+ sales, active listings, and average price per square foot all increased compared to last month and last year.  

  • Sales increased. September sales rose about 70% versus last year and last month to a seven-month high of 39 deals. While the $5M+ market is regaining strength, the annual increase was exaggerated by a weak September 2019 following the July 2019 tax hike.
  • The surge in active listings continued. Active listings over $5M increased by double-digits for the eighth consecutive month and reached their highest September total in at least ten years.
  • Days on market, higher than last year, fell versus last month. This was the second month in a row that a monthly improvement in sales corresponded with a monthly decline in days on market.
  • Pricing driven higher by penthouse sales. At $2,944, average price per square foot was 4% higher than September 2019 and 21% higher than August. Pricing was driven higher by an increase in contracts signed on penthouses featuring large outdoor spaces.

Read the full report here.

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August 2020 Manhattan $5M+ Report

August 2020 Manhattan $5M+ Report

August 2020: Manhattan’s Luxury Market Holds Steady

This August, $5M+ sales were nearly level with last month, active listings rose quickly, and pricing cooled as result of fewer very high-price deals.

  • Sales, while lower than last year, were nearly level with July. August saw 23 sales over $5M, a 51% annual decline. The market is still rebounding from very low levels earlier this year, so the annual decline is unsurprising. More importantly, sales fell by just one from July, suggesting the $5M+ market has stabilized for now.
  • Active listings continued to climb. As seen last month, active listings, which are usually lowest in August, instead increased by 7% from last month and 11% from last August to 1,001 listings.
  • Days on market remains high, but was lower than last month. With buyers returning, days on market rose by its slowest pace in six months, and decreased by 50 days on average versus July. Seven apartments signed in under 90 days, on par with last year.
  • Prices moderated versus last year. At $2,431, average price per square foot fell amid a drop in the share of sales in prime locations and for units on high-floors with quality water, park or city views.

Click here to view the report.

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Micro Lens on the Summer Market – 7th Edition

Micro Lens on the Summer Market – 7th Edition

While the Upper West Side had 7 fewer contacts signed under $4M than the previous week, the Upper East Side had 5 more contracts signed. These last few weeks of summer will be likely less active simply because of the time of the year, however since there is more clarity around schools, we could be pleasantly surprised. Markets typically improve with varying degrees of certainty. There were 3 contracts signed OVER $4M on the Upper East & West Sides, not unexpected for this time of year. 941 Park-2/3C asking $6.95M, 200 WEA-12G asking $4.495M & 25 CPW-16I asking $4.37M. Keep an eye out for our fall market preview in the first weeks of September as we analyze market conditions & get closer to more accurate pricing w/ late summer – early fall closings. 

We are happy to give you more detailed information on this data. Please reach out to Deanna at DEK@corcoran.com

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Move Safe Certified with HomeLight

Move Safe™ Certified

We’re proud to share that we’re Move Safe Certified with HomeLight! Our team is using the best tools and practices including meeting with clients virtually, practicing safety protocol for showings, and using an e-sign platform for the transfer and signature of documents. We’re here to help buyers and sellers navigate through these challenging times.

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Micro Lens on the Summer Market – 6th Edition

Micro Lens on the Summer Market – 6th Edition

There were 47 contracts signed under $4M on the Upper East & West Sides last week over 40 the previous week. Notably, there were 8 contracts signed over $2M from zero the previous week; 7 of which were on the UWS. An increase week over week in August is a good sign as new inventory will come on in September. Last week, Governor Cuomo announced that all school districts in NY State can open based on the data but there will be things that do not make it a typical fall school season, such as remote vs in-school learning or a hybrid of the two. That being said, certainty will trigger sales as many people were paralyzed to act with an uncertain future.

The luxury market was not as active uptown with only one contract signed at 390 West End Avenue, 11G (The Apthorp) asking $6.5M. The other 5 contracts over $4M signed in the city were all downtown.

We are happy to give you more detailed information on this data. Please reach out to Deanna at DEK@corcoran.com

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Micro Lens on the Summer Market – 5th Edition

Micro Lens on the Summer Market – 5th Edition

There were a total of 40 contracts signed last week under $4M on both the Upper East & West Sides; only 2 were over $2M. August should be interesting as historically it is not very active month as many people are away and it is very hot. However, this month could prove to be different as final decisions will be made on schools re-opening and there is likely deals to be had prior to September when new listings will likely come on the market.

There were 18 contracts signed under $4M last week on the UWS which is an increase from the previous week of 12. The UES was pretty consistent relative to the previous week with 22 contracts signed (20 the previous week) and with only 2 between $2M and $4M. There were only 2 contracts signed last week OVER $4M on the UES and UWS; one at 60 RSB and one at 817 Fifth.

We are happy to give you more detailed information on this data. Please reach out to Deanna at DEK@corcoran.com

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Micro Lens on the Summer Market – 4th Edition

Micro Lens on the Summer Market – 4th Edition

There were less contracts signed under $4M on the Upper West and East Sides last week than the previous week which had 17 on the UWS and 29 on the UES. Only 3 contracts were signed last week between $2M and $4M.

It was a big week for contracts in all of Manhattan OVER $4M with 13 apartments and 2 townhouses. Out of the 13 apartments, 8 of them were on either the UWS or UES.

We are happy to give you more detailed information on the this data. Please reach out to Deanna at DEK@corcoran.com 

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Micro Lens on the Summer Market – 3rd Edition

Micro Lens on the Summer Market – 3rd Edition

There were 46 contracts signed under $4M on the Upper West and East Sides this past week and nearly 80% of these were between $500K and $2M. This is an increase from the previous weeks that had only approximately 20 contracts per week since we entered Phase 2. There were only 3 contracts above $2M in both neighborhoods. We do think this is the price point that is likelier to move in the summer and especially this summer as most buyers in the higher end are still away from the city or are considering their priorities while we wait for a directive on opening schools.  Co-ops prevailed on the Upper West Side this week but it was pretty even on the Upper East Side between co-op and condo sales.

We are happy to give you more detailed information on the properties in each category.

Please contact us at DEK@corcoran.com or 212.937.7011.

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Micro Lens on the Summer Market – 2nd Edition

Micro Lens on the Summer Market – 2nd Edition

There were only 7 contracts signed in the last 7 days on the Upper West Side & 14 on the Upper East Side. The majority were in the $500-$1M category & there were 5 total over $2M. We should see increases over the next few weeks as the anticipated release of pent-up demand from a 3 month pause on showings is inevitable. We are bringing you these numbers weekly so we can all understand the state of our NYC market in real time! Please do not hesitate to reach out for more specifics on these sales.

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