Manhattan Property Market Update – Weekly

Posted by Wei Min Tan on December 7, 2020

Manhattan property market update on a weekly basis from mid March 2020, when Covid 19 hit NYC, until present.  Charts and data courtesy of Manhattan real estate data analysis firm UrbanDigs.

 

 

Contact:  tan@castle-avenue.com

Read about what Wei Min does in Role of a buyer’s broker

Interested in working with Wei Min?
Click here to get in touch!

 

 

Active Supply:

8,670 active listings.
-7.7 percent from prior month.
+22.4 percent from prior year.
We’re entering holiday season, it’s expected that supply is decreasing.

 

 

Weekly New Listings:

253 new sales listings last week.

Up 29 percent from prior week and winding down for the year.  Buyers have less options now as supply has been taken and sellers are holding off until next Spring to list their property.

 

 

 

Pending Sales

Defined as properties currently under contract and waiting to close.   July was the bottom and we continue to see increases every week.

2,693 listings in contract.

+16.7 percent from prior month, +12.2 percent from prior year.

Continue to see pick-up in activity as supply falls and deals are being signed.

 

 

Weekly contracts signed

186 contracts signed last week.

Active season is beginning to wind down.

 

Listing Discount by Days on Market

Listing discount = negotiability

Listings that are in the market for a longer time = higher listing discount

New listings that got into contract in its first 1-2 months are those that are priced properly = discount is much lower

 

 

Manhattan:  Avg Price Cut % by Month

Highest price cut was in May at 10.9 percent.

November is seeing average price cut of 10.4 percent.  One rationale is that sellers in this slow (winter) market are serious sellers and hence want to do the deal.

Sellers who don’t have to sell now would wait for the busier Spring season next year.

 

 

 

Manhattan:  Number of Price Cuts Per Deal

Share of price cuts increasing from August to November.

In November, 25 percent of deals had 1 price cut, 24 percent had two price cuts and 35 percent had 3 price cuts

 

 

 

Monthly Contracts Signed by Price Point

We recovered to last year’s level.

Most Octobers, Novembers are followed by slow Decembers and slow Januaries (winter months).

We could see a drawdown coming into the next few months.

We’re starting to get back to early 2019 levels.

 

 

Manhattan vs Brooklyn comparison 

Days on market for Manhattan properties did not spike up during this Covid crisis, it continued to decrease.

With price cuts starting to get a little bit less, it seems like buyers might be starting to pick over some of the remains of the great values.

Buyers coming in and the window of opportunity in Manhattan is starting to shrink.

 

 

 

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

 

 

Follow On Instagram

 

 

Related Articles

Buying new property in Manhattan

Investing in a Pre-War apartment in Manhattan

Investing in Chelsea

New York property agent Weimin Tan on when will the Manhattan property market recover

About Wei Min

  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

Contact Wei Min

Recent Blog Posts

Stay Up to Date

Sign up for our newsletter!

Thank you!

We have received your subscription and will be in touch soon!



About Wei Min


  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

Work With Wei Min

CONTACT US
This error message is only visible to WordPress admins

Error: API requests are being delayed for this account. New posts will not be retrieved.

Log in as an administrator and view the Instagram Feed settings page for more details.