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Manhattan Snapshot: November 2021

Manhattan Snapshot: November 2021

Continued Record Sales Volume
The Manhattan residential real estate market has proven its resiliency with record sales in many areas of the market. With over 1,350 contracts signed last month, last October was Manhattan’s strongest on record, beating out the two strongest sales years, 2013 and 2007, by 4% and 19% respectively. Thanks to October’s strong performance, the Manhattan market is on track to achieve its strongest year ever based on the number of contracts signed.

Areas of strength in the market
A few segments of the market are responsible for the huge growth in sales:

  • This past October was the best since 2007...
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October Manhattan Market Snapshot

October Manhattan Market Snapshot

Manhattan residential real estate is usually highly seasonal – the summer is typically the slowest season of the year. As the temperatures cool, the market heats up ushering in an active fall and winter. Last year’s challenges upended any expectation of seasonality, and the Third Quarter numbers reflect that the summer was anything but slow this year. Buyer demand in Manhattan skyrocketed during the Third Quarter, making it the market’s best summer since 2007. Sales volume from July through September totaled over $9.5B, which was Manhattan’s highest quarterly total ever! As sales surged, supply was reduced thus shortening days on...

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Fall 2021 Newsletter

Fall 2021 Newsletter

Last year was an unprecedented year in nearly every aspect. New York City endured extraordinary challenges. Leading up to the pandemic, the Manhattan residential real estate market had been showing signs of weakness since 2018. Signs of a stabilizing market appeared in the First Quarter of 2020 but the optimism was short-lived. When the city shutdown occurred in March, the stock market dropped sharply, nonessential businesses closed, New York City became an epicenter of the virus, and real estate sales activity dropped precipitously. Many left the city for several months, if not for good, and for the first time the...

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Upper West Side Townhouse Report

Upper West Side Townhouse Report

2021 has been a banner year for Upper West Side Townhouse sales and it is only August! The strong volume of townhouse sales on the Upper West Side is in keeping with the stronger market overall but also indicates that buyers feel that townhouses are now a good value and having a lot of space plus outdoor area is again very desirable. As more buyers re-entered the market the first half of the year, the combination of the lower prices, low interest rates and increased consumer confidence all came into play. As of now, there has been over 3x the number...

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Why it’s a Great Time to Buy in NYC

Why it’s a Great Time to Buy in NYC

All the Stars are Aligned……Why Now is a Great Time to Buy in NYC
The real estate market in Manhattan over the past few years has been more favorable to buyers especially during the past pandemic year. Since January however, there has been a steady stream of good news proving New York City’s resiliency and causing many to feel that sales prices will begin to rise and could shift the leverage back to sellers. The just-released Second Quarter numbers further strengthened the overall positive reports. Manhattan had the best spring season for closed sales in six years and the strongest second...

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