WELCOME TO THE MANHATTAN RENAISSANCE
A surge of Residential Market activity has resulted in record numbers of signed contracts. All signs point to the dawn of the strongest year in Manhattan residential real estate since 2007. All indicators are that the Spring real estate buying season will be on overdrive as first quarter numbers proved that New York is Back! Analysts are predicting that New York City is on a steep upward trajectory and that the overall economy will continue to grow over the next three to five years.
Q1 delivered the strongest start to any year for signed contracts since 2007. Contracts signed skyrocketed 58% annually to just over 3,700 deals. March alone delivered nearly 1,500 new deals. Why? Selling prices are fueling this activity. As prices cooled and inventory remained high, compelling discounts lured buyers back to the city. All price points are being impacted. The average discount to original asking price was 12%.
- Under $3M Market: Made up 89% of all sales activity: +11% more sales than the prior year.
- Luxury Market: This sector is soaring with nine straight weeks of over 30 (and in some cases 40) contracts signed per week.
- Market-wide: Manhattan pending sales (in-contract) are over 4,000, a number never historically reached even in the boom years of 2014, 2015 and 2016.
- Inventory: Remains high, 7,973 active listings in Manhattan, up 14% annually. With more inventory, there are more choices and there is more negotiability.
Market authority, Jonathan Miller, President of Miller-Samuel reports, “We haven’t recovered, but we are recovering, as sales rise and inventory falls, the quarter’s results are a big step in that direction and better than expected at this point in the post-Covid rebound.”
SELLERS - Open your doors to real buyers with real purchase goals. Price attractively and they will come! Now is your moment to cash-out and BUY-UP!
BUYERS - Welcome to the New Golden Era in New York Real Estate. This is your time, your market and your good fortune to BUY NOW!