Manhattan Real Estate - Q2 2021

Once written off as dead, Q2 data proves that the residential real estate market in the city that never sleeps is alive and thriving.?With vaccination rates in the city reaching over 70 percent, an expanded buyer pool, and optimism all-around, the future of residential real estate in New York City is bright.

?How were sales in Q2?

?Overall, Manhattan apartment?sales in Q2 rose by 50% compared to Q1.?The number of sales surged to its highest quarterly total in 6 years as cash buyers returned.??The market share of bidding wars rose to normal levels but was the highest observed in two and a half years. The market share of bidding wars defined as properties sold above the last listing price was 6.8%, up from the 3% seven-year low in the prior quarter and sharply below the 31% record set in the third quarter of 2015.

?Listing discount,?the percentage difference between the list price at the time of sale and the sales price was?6.4%.

(Image Source: Miller Samuel report - Manhattan Q2)

Trends

?-?Sales in the $1-$3M range were the most common,?with nearly 40% market share, followed closely by the $500K - $1M bracket

?-?Downtown?saw 31% of sales, the?highest?of any submarket, while the Upper East Side captured 20%

?- Units between $500K and $1M saw one of their lowest market shares on record at 33.5%.

(Image Credit: Compass Manhattan Report Q2)

What is driving the upward trend?

?- Pent-up demand, reasonable pricing, and low-interest rates

- Strengthening of tech industry presence in Manhattan, led by Google, Facebook, and Amazon

- Uptick of millennial shoppers

- Empty nesters moving from Suburbs to the city.

?Both buyers and sellers need 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 - Compass and Miller Samuel.

?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.