When looking at the New York City real estate market, making the usual year-over-year comparison won’t tell you much these days. That’s because comparing market activity now to a year ago, when NYC had recently emerged from the shutdown, is not helpful.
For a better contrast, you need to reach back to 2019, prior to the pandemic, to see how NYC real estate is doing. That’s what the Elliman Report has been doing this summer with its new signed contracts report, which covers Manhattan, Brooklyn, Long Island, Hamptons, North Fork, Westchester County, Fairfield County, and Greenwich, CT.
The August report finds that new signed contract volume for Manhattan condos, co-ops, and one-three family townhouses combined (1,003) is above the same period two years ago. If you look at each type of Manhattan housing separately, new signed contracts are also above August 2019 levels, with new signed contract volume for one-three family houses recording nearly double the activity seen in August 2019.
It's a pattern that started in June and has held steady since, and each month compared to the same period two years ago has shown higher new signed contract levels in Manhattan, Brooklyn, and increasingly, in the suburban areas around the city.
For luxury Manhattan properties above the $4 million threshold, there were even greater gains in new contract volume in August: It doubled for condos and more than tripled for one-three families from the same period two years ago.
It was a similar picture for Brooklyn in August, according to the report. New signed contracts for all three kinds of housing combined rose by more than triple (762) compared to the same period two years ago.
On the East End of Long Island and in several of the suburbs ringing New York City, new signed contracts are below the level seen two years ago, a result of a lack of listings, which is constraining sales. Fairfield County is the exception, here new signed contract volume was up sharply from the same period two years ago.
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