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 suburban housing market far outpaced the city in sales volume and rising prices.
The difference between then and now is quite stark as the Manhattan sales market has had its best spring season in terms of sales volume than in more than 5 years! New York City has time and again proven its resiliency by overcoming great challenges.
This newsletter will provide an overview of the first half of 2021 and what we might expect to happen as we enter the fall months. The fall market typically begins slowly as people settle in after summer vacations. Children return to school and there are many holidays in September and October which contributes to the slow start. But this year could be different as traditional seasonality has been upended over the past year-and-a-half and demand has been so strong. The only possible hitch may be related to the Delta or other variant and its potential impact on city life.
For a comprehensive analysis of the first half of 2021 and how it has compared to pre-pandemic levels and what we might expect this fall, download our Fall Newsletter.