New York...Beyond Back

New York City real estate has made a solid comeback. 2021 Stats are quite simply, shockingly strong. Manhattan apartment sales sky-rocketed and broke a 30 year long record for sales in the 4th Quarter. Particularly, the height of luxury real estate transactions (2013-2015), was shattered by the nearly 30% higher volume sales in 2021.

THE DATA:

• +89% increase in Closed Sales
• +6%  increase in Average Sales Price
• $2.01M Average Sales Price

TOWNHOUSES:

• +78.5% increase in  Closed Sales
• +.3% increase in Average Sales Price
• $7.3M Average Sales Price 

NEW DEVELOPMENT: 

• Luxury sales nearly doubled from the same period 2 years ago: 1,945 sales.
• Accounted for highest market share of sales in 2.5  years. 

CONDOS:

• +98% increase in Closed Sales
• +3% increase in Average Sales Price
• $2.74M Average Sales Price 

CO-OPS:

• +82% increase in Closed Sales 
• +7% increase in Average Sales Price
• $1.29M Average Sales Price 

INVENTORY:

• Listing inventory fell by its most significant annual rate in 7 years. 
• Condo inventory declined at its highest rate in 9 years. 

FIELD TEAM FORECASTS: For the next several quarters, above average sales activity is expected as momentum shifts away from the suburbs and international travel returns. INVESTORS will ramp up, fueled by rising rental returns and extended tax benefits,  hedging inflation and diversifying funds with Wall Street’s strong year and with a new mayor… all indicate an enhanced and bullish confidence in NYC. 

GOOD BYE INVENTORY & HELLO RISING PRICES!