November Manhattan property market update
Posted by Wei Min Tan on November 19, 2021
The three key points to note in the November Manhattan property market update are:
1. Supply is down
2. Signed contracts up
3. Median price cut at 5%
Supply is down
Supply is roughly 35 percent lower than last year as a lot of buyers are taking advantage of low mortgage rates. The number of contracts signed is exceeding the number of units that are coming onto the market.
Signed contracts up
We are having 300 contracts or more signed per week which is at record levels. Why? It is because of low mortgage rates and pent up demand. Pending sales, these are the contract signed in pipeline waiting to close, are 77 percent higher than last year. This shows how hot the market is and currently it’s a seller’s market.
Median price cut at 5%
The median price cut is about 5 percent from the asking price. The peak was in July of 2020 which was the bottom of the pandemic market. The median price cut then was around 9 percent for condos.
During the pandemic, prices didn’t decrease much in Manhattan because there is strong demand globally and locally.
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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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Historical trend of the 30 year fixed mortgage rate