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.
Why We Host This Podcast:
We have been in this business long enough to know that knowledge is power. That's why we conduct an in-depth analysis of the Manhattan real estate market every month, quarter, and year and provide an easy-to-understand synopsis of the full report in several different formats - all so you can stay informed.
Our team of experienced real estate professionals closely monitors market trends and provides our clients with the latest and most relevant information available. With this information, our clients are able to make informed decisions about buying and selling properties in Manhattan, which helps them stay ahead of the curve and make the most of their real estate investments.
Understanding the trends and changes in the market can help you make informed decisions. You gain insights into supply and demand, pricing, and market conditions that can influence the value of your property. Just by being aware of market trends and conditions, you're better off than most other buyers and sellers, and you can make strategic moves that can lead to a successful real estate transaction.
If you're considering buying or selling a Manhattan property, now is the time to take action. Our team of expert real estate agents and brokers can help guide you through this market, leveraging our extensive knowledge and experience to help you make informed decisions.
So, why wait? Reach out to us today and let us help you achieve your real estate goals!
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