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...
Downtown sales accounted for 31% of sales in the first quarter representing the largest market share in Manhattan and the trend continued into April as 542 of the 1,647 contracts signed across Manhattan during the month were downtown. April not only was a banner month, the nearly 2,000 contracts signed made in the strongest April on record!
In addition, Downtown closings in the first quarter rose 7% year-over-year and resale transactions increased more than 10% year-over-year. Listed inventory reached 2,187 units and for the first time in over five years, over half of all active listings Downtown were under $2M. The average days on the market rose in the first quarter to...
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...
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...
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...