FEBRUARY 2021 REAL ESTATE UPDATE - NYC EDITION
Let the naysayers continue to naysay!
If residential real estate were the only barometer by which to judge New York City's recovery, I would be arguing that we are back strong. Prices have firmed, inventory is limited and we hear from more buyers every day.
It has always been my opinion that the public's sentiment regarding this city is as important to its recovery as anything else, and every day we see small signs of life improving and people feeling better about NYC as their home.
I appreciate that the road may be long, but New York City's march to its former glory is well under way!
See for yourself:
Brick Underground published A speedy comeback: Manhattan new signed contracts jumped 28 percent in January
Our good friends at Miller Samuel, Real Estate Appraiser & Consultants opine The Narrative Is Slowly Shifting For Manhattan Housing And What’s Old Is New
And for those of you who want to see the numbers Elliman Report - January 2021 New York New Signed Contracts
I hope you find this February 2021 Real Estate Update - NYC Area Edition useful and encourage you to share it with clients, colleagues, and friends who may find it interesting.
Real estate remains a business of referrals. If you know anyone I can help with his or her real estate needs, anywhere in the world, I would be very appreciative if you would continue to consider referring me to them. I do not take the confidence you have placed in me for granted.
Thinking About Selling? - Wondering About Home Value?
Are you considering selling your home, but are unsure of current market conditions and/or the process of getting a home ready for sale. Our team is happy to consult with you to answer questions or provide you with a customized valuation. Douglas Elliman has published a Seller's Guide for New York City.
Are you curious about the value of your home? If you are not ready for our customized valuation, then try our value estimation tool, What is Your Home Worth? Keep in mind that these models may have wide swings, and never replace the custom valuation that our team offers.
Thinking About Buying? - For the First Time?
Are you ready to join the ranks of homeowners in NYC? Thinking about taking advantage of record-low interest rates, and upgrading to a larger home? Did your Millennial move out, and now you're ready to downsize? Douglas Elliman has also published a Buyer's Guide for New York City.
As we have done before, our team will be hosting a virtual
First Time Home Buying Seminar on March 2nd, 2021 at 5:30 PM
The Ekroth Fishkind Margolin Team is a collaboration between 3 dedicated agents who utilize our individual skills to form a multi-faceted real estate consultancy.
New York City
January 2021 Manhattan Sales (Source: eDeal, a Douglas Elliman proprietary database)
Manhattan COOPS, Year-Over-Year
- Average Sales Price increased to $1,452,605 from $1,226,363
- Median Sales Price increased to $997,000 from $800,000
- Discount from Last Asking Price decreased to 5.5% from 5.8%
- Transactions over $1,000,000 increased to 49% from 37%
- Median # of days on the market, to Contract Signed, from last asking price, decreased to 84 from 99 days
- 67% of COOP Sales are financed of which 84% are contingent on financing
- 13% of COOPS sold at or above the asking price
Manhattan CONDOS, Year-Over-Year
- Average Sales Price increased to $2,929,494 from $2,826,746
- Median Sales Price decreased to $1,729,090 from $1,766,000
- Discount from Last Asking Price decreased to 11.6% from 12.1%
- Transactions over $1,000,000 increased to 80% from 74%
- Median # of days on the market, to Contract Signed, from last asking price, decreased to 84 from 106 days
- 58% of CONDO Sales are financed of which 76% are contingent on financing
- 19.6% of CONDO Sales are New Developments
- 12% of buyers are non-US Citizens
- 13% of CONDOS sold at or above the asking price
Since last month, the number of active COOPS and CONDOS currently on the market decreased by 2.7%
Manhattan Contracts Signed - Jan 2021 Breakdown by Apt Size and Neighborhood
January 2021 Manhattan, Brooklyn & Queens Rentals
For the fourth consecutive month, new lease signings in Manhattan rose to their highest level for the current month since the financial crisis. Vacancy continued to recede from the October record but was still triple the year-ago rate. The monthly concession rental equivalent rose to the highest on record as face rents fell sharply. Smaller apartment sizes continued to see a larger percentage decline in median rent than larger apartment sizes. New development and existing rental price trend indicators fell at similar year-over-year rates. Doorman new lease signings surged annually by more than twice the rate as non-doorman lease signings. The market share of landlord concessions in the luxury market remained sharply lower than for the rest of the market.
For the third straight month in Brooklyn, new lease signings rose to their highest level for January since the financial crisis. The net effective median rent fell year-over-year at the highest rate in more than a decade, and there was the highest landlord concession of equivalent monthly rent in more than a decade.
In Northwest Queens, net effective median rent fell annually at a record rate in January and was the ninth straight month with a decline. The monthly concession rental equivalent rose to a new record for the third straight month. The market share of landlord concessions increased annually for the sixth straight month.
January 2021 Manhattan, Brooklyn & Queens Rental Report
If you are interested in buying or selling properties in any of these regions, I would be happy to help you or refer you to an agent in your market of interest.