Manhattan Property Market Update – Weekly
Posted by Wei Min Tan on November 23, 2020
Read about what Wei Min does in Role of a buyer’s broker.
9,128 active listings.
-4.8 percent from prior month.
+21.7 percent from prior year.
2 percent drop from last week, supply seems to be stabilizing.
Weekly New Listings:
257 new sales listings last week.
Still under 300 listings weekly, good considering we’re approaching Thanksgiving and going into the slow season.
Defined as properties currently under contract and waiting to close. July was the bottom and we continue to see increases every week.
2,549 listings in contract.
+28.7 percent from prior month, +6.6 percent from prior year.
Continue to see pick-up in activity – buyer inquiries, traffic, bids submitted, deals.
Weekly contracts signed
196 contracts signed last week.
Active season is beginning to wind down, fears of second wave of Covid seems to be encroaching daily so that could be putting a pause.
There were 1,726 new listings and 874 contracts signed in October. As of one month ago, there were 1,306 new listings and 974 contracts signed. Trend is decreasing supply and increasing contracts signed (deals being done).
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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