January 2022 Manhattan Property Market Update
Posted by Wei Min Tan on January 18, 2022
The three key points to note in the January Manhattan Property Market Update are:
- Sales volume, highest in 32 years
- Low inventory, supply at 5.7 months
- Growth in $2 million to $5 million segment
Sales volume, highest in 32 years
Sales volume in the last quarter of 2021, as well as for the whole of 2021, was the highest in 32 years (since 1989). Prices are still not back up to the prior peak of 2017, but there is a huge amount of activity driven by low interest rates, pent-up demand and optimism from the reopening of the economy.
Low inventory, supply at 5.7 months
Supply as of the fourth quarter of 2021 was at 5.7 months, a 58 percent decrease from a year ago when it was at 13.5 months. There are a lot of buyers but not enough sellers wanting to sell their apartments.
Growth in $2 million to $5 million segment
There’s great growth in the $2 million to $5 million price point because of people’s need for more space. The average size of an apartment for the fourth quarter of 2021 increased by 7.5 percent compared to two years ago.
The annual sales volume for condos and co-ops surpassed the prior peak of 2007 and was the highest sales volume on record. For the condo market, last year was a bit lower than 2007. But still, last year was an amazing year in terms of transaction activity.
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