Manhattan Real Estate - April 2021

Manhattan was possibly the most impacted Real Estate market due to COVID since 2020. With prices being down, historic low mortgage rates, and increased consumer confidence due to the COVID vaccine - we are seeing a very active Real Estate market. 

How hot is the Manhattan market? Looking back to 2015, five of the top ten deal volume weeks were in 2021, the most for any year. Moreover, they were the most recent five consecutive weeks, something not before accomplished. 

(Note: Data, Table and Charts used in this report - UrbanDigs)

How were Inventory levels in April?

Manhattan saw 2,223 new properties come to the market in April, an almost 24% increase in new inventory levels than in March. Also, the last week of April saw 588 new properties get listed, which was a 12% increase compared to the previous week. Therefore, the trends are clear as we move into the Summer season - we can see a surge in new supply coming to the market. 

How were Sales in April?

A total of 1,501 contracts were signed in April, about 4.75% higher compared to March. Once again, we see a consistent surge in contract activity levels. The market is averaging nearly 375-400 new contracts being signed per week.

My Views

There is no more 'COVID discount' available in the market. From a buyer perspective, it is essential to understand there is still an opportunity to win a great deal in Manhattan - prices being low and low mortgage rates. There are good opportunities in terms of options available and supply levels; however, if a property is well priced and in good condition, there is a possibility that more buyers are preparing to make a bid.

From a seller perspective - the market is active now! If a seller has had considerations to sell in the recent past but did hold back due to COVID uncertainty, now is the time to list. Pricing and good marketing are still crucial; however, if the property is well priced and in good condition, there are enough buyers in this market to offer a fair price. It is important for both buyers and sellers to participate in this market with a well thought strategy by working with an expert and following data/trends. 

Note: Data and Charts used in this report - UrbanDigs

Have questions about NYC market forecasts and trends, or anything else real estate-related? I'd love to connect! Don't hesitate to reach out.

About Nishant Sondhi: Nishant is a Real Estate salesperson in Manhattan and Brooklyn, and specializes in Residential Real Estate. He is passionate about helping buyers and sellers navigate the New York market, and save them thousands of dollars, time and make the process enjoyable. His strong analytical, marketing, and negotiation skills developed during his MBA and over 10 years of sales experience give him a unique edge to best serve his clients.