EP 50: Q2 2021 Manhattan Real Estate Market Stats and Analysis

In this week’s episode, John and Jonathan give their expert analysis of the Q2 2021 Manhattan real estate market statistics recently released by Corcoran.

• Both closed sales and contracts signed increased quarter over quarter.
  • +42% QOQ Closed Sales
  • +27% QOQ Contracts Signed
• Both figures (closed sales and contracts signed) also increased year over year when compared to 2019, 2018, and 2017.
• This was the best Q2 for closings since 2015, and the best Q2 for contracts signed since 2007.
• These figures are likely helped by still-low interest rates, vaccines, and pent-up demand.
• While we expect Q3 and Q4 to be stellar quarters as well, we know this is not a trend that can or will continue for years and years to come.

• With the exception of under $500K, every price range saw days on market grow year over year (which is understandable given last year’s freeze on real estate), but also interestingly quarter over quarter.

• We’ll discuss this more under inventory below, but essentially pent-up demand caused inventory to remain high, which drove days on market high as well.
• One other statistic of note is the breakdown of market share by bedroom type. There was a shift towards larger properties this quarter, which was likely influenced by buyer’s preference for more space because of the pandemic.

• More apartments hit the market (over 6,000) during Q2 of 2021, which is much more than the typical 4,500 that come to market between April and June.
• Active listings remain higher than normal, but not for the same reasons that we experienced during Covid. During the shutdown, there weren’t enough buyers for the existing inventory, which caused numbers to climb.
• More recently though, it’s not a lack of buyers, but rather a large uptick in the number of new listings that are causing inventory to remain at higher than typical levels.
• As we make our way through the pent-up demand of 2020, we believe we’ll see both inventory and new listings return to normal levels.

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