Elegran Insights: Weekly Manhattan Market Data For The Week of 03/08/21

Written By Jared Antin | March 08, 2021
2021%2f03%2f08%2f17%2f25%2f50%2f2f3953ba fcd1 4896 b9b9 82f3a98f05ee%2fnyc buildings above

The Manhattan market continues to accelerate as buyers are increasingly motivated to transact given the recent jump in interest rates. Liquidity has returned to the Manhattan market and the market pulse for the sub $2M market has entered sellers market territory. Market-wide, overall supply, despite an uptick in new weekly supply, continues to decline each week largely due to robust contract activity. The overall market pulse rose to 0.54 this week. 


Source: Urban Digs

As we approach the 1-year mark since COVID and the NYC shutdown, comparing the weekly numbers to the same week last year no longer informs the complete story. Accordingly, the weekly comparisons will now be based on the same week in 2019.

Supply decreased another 1% to 7,041 units for sale. This week 397 new listings came to market, 25% higher than last week and 2% less than the same week in 2019. Supply is 10% higher than the same time in 2019. This week saw the most new inventory since October.

Pending Sales increased another 3.5% this week to 3,786 and is 46% higher than this time last year and 65% higher than 2019.

Contracts Signed - 322 contracts were signed this week, an 18% increase from last week and 46% higher than the same week in 2019. This week had the highest weekly contract volume since May 2016



Weekly Contract Activity Analysis - Of the contracts signed this week, and based on the last asking price, the median price was $1.2M and the median size was 1,248 square feet. The contracted median price [based on last asking price] has been holding steady for the last month. 


The Weekly Market Pulse decreased slightly from 0.86 last week to 0.81 this week, but remains at an elevated level compared to 2019 when the weekly market pulse was 0.54. 


The Luxury Market vs the $2M Segment

While the luxury market has recovered significantly from the recent covid inflicted lows, the market pulse for the luxury market is still soft compared to at the peak in 2014-2015. The below chart, which goes back to January 2010, highlights how seldom the luxury market is a buyers market, and how today presents a compelling opportunity for buyers, as the market pulse is heading back towards a sellers market. 


The under $2M market pulse, similar to the luxury market hit a low during covid, and has quickly recovered and has just entered sellers market territory, quickly approaching levels last seen in 2017



The Manhattan Rental Market continues to see overall supply drop, 9,679 units are available, the first time rental supply is under 10k since before the shutdown ended last June. This week 687 new units came to market, 11% less than the same week in 2019, and 571 new leases were signed, 16% less than the same week in 2019. Week over week, both the volume of new inventory and new leases signed remained stable. The weekly rental market pulse is 0.83 compared to 0.89 for the same week in 2019. 

New Development Insights

As reported by Marketproof, 80 new development contracts were signed last week, an uptick from the prior weeks. In February, 275 new development contracts were reported, making it the most active month since January 2020, and the second most active month since July 2019. Additionally, 40% of the signed contracts were for 2-bedroom apartments, 30% for 1-bedrooms and 20% for 3-bedrooms. Studios and 4+ bedrooms each made up less than 5% of the contract volume. 



In the last week, the following were the top selling new developments:

  • 130 William Street in the Financial District reported 4 new contracts signed.
  • The New York Dock Building in Red Hook reported 4 new contracts
  • 49 Chambers in Tribeca reported 3 new contracts
  • One United Nations Park in Murray Hill reported 3 new contracts
  • 98 Front Street in Dumbo reported 3 new contracts
  • The Benny in Prospect Lefferts Gardens reported 3 new contracts

Please contact me if you would like to learn more about these, or other new developments.

We will continue sharing the Elegran Insights data analysis with you every week.

If you are interested in learning more about what is possible in today’s market and what the data means for you, I am available for a confidential complimentary assessment and consultation.

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.