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.
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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
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