The spring market is now! 🌷
The resilience of the Manhattan residential real estate market was on full display in the first quarter. A new year, new administration, low interest rates, and multiple and more readily available vaccines restored hope. Covid changed the way buyers look for and value space. With pent-up demand, today’s purchasers seek units with outdoor space and private areas for home offices, working out and gathering safely.
You can read the Q1 market report here.
But closed sales tell only part of the story. A better barometer of the market is the number of contracts signed, and in the last nine weeks, we have experienced the longest streak on record for signed contracts, especially for properties $4M and above.
Other key observations:
Apartment sales rebounded significantly, climbing 4.8% YOY and 37% since Q4.
It’s been a bottom-up recovery with units priced between $1-3 million capturing 40% market share.
Downtown saw the most sales, with just under 29% of total sales.
While the volume and velocity of transactions has increased, prices have not; the average price for a condo is down 3.5% from Q1 2020; the average price for a co-op is down 11.6% YOY.
Units priced $3-5M returned to pre-pandemic levels.
Discounts in the $5-10M range are decreasing.
Nearly 35% of co-op sold at or above asking price.
The rental market may have bottomed out and seems to be stabilizing.
The market is active, but pricing and presentation remain the key strategies for sellers. Realistically priced and smartly staged properties are stimulating multiple interest and competitive bidding.
Curious about your home’s value in today’s market? Don’t hesitate to reach out. Now that most are fully vaccinated, let’s meet for a coffee!
Don’t Miss This Luxury Listing!
11 East 86th Street, Apartment 14C
Spacious Classic Six | Off 5th Avenue | 3.5 Baths | Move-In Ready | $2,300,000
Shirley Hackel, NYRS®
shirley.hackel@compass.com | (914) 980-0371