Elegran Manhattan & Brooklyn Market Update: July 2021

Written By Jared Antin | July 08, 2021 | Published in Urban Design
2021%2f07%2f08%2f16%2f51%2f57%2fd05db9a8 419a 4b90 bab2 b3e2c820dd39%2fmarket%20update%20image

Manhattan presents an opportunity, still in the early innings, to reinvent itself and prices are only just beginning to increase. Buyers are taking notice, and demand in Manhattan exploded in the second quarter, shattering previous records. The Brooklyn market continued its strong performance in June, with over 1,000 contracts signed, rising prices, decreased negotiability and declining days on market which created an incredibly competitive market for buyers with limited supply and continued high demand.

A few of the key market takeaways for July Include:

Buyers: Median sales price and median price per square foot are increasing across Manhattan and Brooklyn. Buyers keen on negotiating should focus on listings that have been on the market for 60-90 + days.

Sellers: In Manhattan more sellers are coming to the market and overall supply is starting to increase. While supply increased slightly in June, leverage remains firmly with sellers in Brooklyn.

Contracts Signed: in Manhattan, contract activity decreased across all price ranges, in line with typical summer seasonal consumer patterns. Brooklyn buyer activity as measured by signed contracts, decreased 1.2% from last month as 1,029 contracts were signed.

Pricing & Discounts: In Brooklyn, the median listing discount was lowest in Bed-Stuy and Park Slope, both at 1% and highest in Brooklyn Heights at 4%. Across Manhattan price ranges, neighborhoods and sizes, the medium price per square foot is flat or trending higher, which is to be expected given the increase in demand.

Luxury Market: The market pulse in Manhattan decreased for the $2-$5M price range over the last month as a result of an increase in supply and decline in contract activity. Most of the Brooklyn market, with the exception of apartments priced above $5M, remain firmly in seller’s market territory. The Market Pulse in Brooklyn is highest for those homes priced under $2M and lowest for those priced over $5M.

Rental Market: Rental demand has increased sharply in the second quarter of 2021, leading landlords to decrease concessions and increase prices.

Investors: With both the rental and sales market improving and prices increasing, investors are interested in the Manhattan market once again and exploring the Brooklyn market.

To read the full Elegran Manhattan Market Report for July click HERE.

To read the full Elegran Brooklyn Market Report for July click 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.