Manhattan Property Market Update – Weekly

Posted by Wei Min Tan on November 23, 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:

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.

 

 

 

Pending Sales

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

2,549 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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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

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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

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