Elegran Manhattan Market Update: January 2021

Written By Jared Antin | January 07, 2021 | Published in Real Estate Market Trends, How To NYC
2021%2f01%2f07%2f15%2f07%2f51%2f67d9b7bb c1f3 47f2 bcf1 f1be257ead84%2fmarket%20update%20pic

The rebound in Manhattan real estate continued throughout December with robust activity. While the market typically slows in December, 2020 saw an uptick in activity when compared to November. The Manhattan market accelerated in Q4 2020, as inventory declined and contract activity increased. We expect buyer activity to continue through the spring by local buyers, for now. The window of opportunity for financing buyers may start to close as investors return to the NYC real estate market and the recovery continues.

A few of the key market takeaways include:

  • Buyers: As measured by contract signings, accelerated 12% more in December compared to November and 32% more contracts signed in 2020 compared to December 2019.
  • Contracts Signed: Given the lack of the spring market, December was actually 2020’s busiest month, accounting for 13% of the signed contracts.
  • Pricing & Discounts: Based on an analysis of 100 accepted offers in December, the average listing price negotiability is decreasing, most notably in the above $1M category in part due to the continued increase in contract activity at the higher points.
  • Sellers: With expected increased competition in the spring market, pricing correctly remains a must for a seller to be relevant to today’s buyers.
  • Luxury Market: The $10M+ category saw the largest percentage increase with 13 signed contracts in December, 30% higher than in November 2020.
  • Rental Market: People are returning to NYC, taking advantage of decreased prices and widespread landlord concessions with 95% more leases signed in December 2020 compared to 2019.

To read the full Elegran Manhattan Market Report HERE.

Blog Archive

 

This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on Elegran.com. All data displayed on Elegran.com is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.