Manhattan condo market overview May 2021
Posted by Wei Min Tan on May 18, 2021
Manhattan property broker, Weimin Tan, gives an overview of the current situation of the Manhattan property market.
30-year fixed mortgage rate
The 30-year fixed mortgage rate is still at record lows at 3.06% in April 2021 with the lowest being 2.7% in December 2020. These kind of mortgage rates help global investors secure deals with very low cost of funds.
Historical Price Trend
Prices increased from $480 in 1999 to $1,714 in the first quarter of 2021.
Active Supply
Active supply is the number of units actively listed for sale in the market. After weeks of decreasing supply, it finally went up a notch which is great for buyers because buyers will have more options.
Pending Sales
Starting from July 2020, which is when the market finally reopened after the Covid shutdown, the pipeline contracts have been going up consistently every week.
Weekly Contracts Signed
Manhattan weekly contracts signed is in record highs as we experience the 8th week of having more than 300 deals signed in a week.
Market Pulse
The sentiment has changed from a buyer’s market to a seller’s market.
Property Trend
As a result of the pandemic, buyer’s now favor moving into larger apartments with 2-3 bedrooms which are more expensive compared to a 1-bedroom or studio-type apartment. This change in trend will result in a higher median price.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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