The average sales price has risen for 25 consecutive months in year-on-year comparisons. Reached buyer demand remained strong, due to pandemic-induced changes in housing needs and preferences. The Manhattan housing market is still very competitive. Monthly contract activity continues to operate 30% above seasonal averages, with monthly new supplies almost 25% above typical levels.
After a buying frenzy of more than a year, the market is showing signs that it could be slowing down. Demand seems to be shifting from white to red hot, suggesting that Manhattan could be moving from a seller's market to a more stabilized market. Brooklyn is its own superstar when it comes to real estate, often the first choice for prospective buyers looking for an apartment in New York City, but its median in recent years has still remained below that of Manhattan. It is, writes real estate reporter Bridget Read for Curbed, a season of “abject unworthiness for city tenants.
Not surprisingly, realtors, who derive their income from home sales, are optimistic about buying now, arguing that, for the first time in a long time, buyers could get a deal. Therefore, this exceptionally anomalous period of the past 15 years leads current buyers of real estate to fear interest rates of 4% or 4.5%, which would have been considered very favorable at almost any other time in the post-World War II era. Current market dynamics, such as the lack of excessive buyer enthusiasm, indicated by the slight slowdown in transaction activity, the increase in luxury days in the market and the mediation of the last sale price, suggest that the seller's market in Manhattan real estate may be disappearing. More recent real estate industry figures show vacancy rates drop as low as 1.5 percent in Manhattan, according to appraiser Miller Samuel Inc.
They're renovating them, Kirsten Jordan, Douglas Elliman's real estate advisor and cast member of “Million Dollar Listing”, told Yahoo Finance Live. As the pandemic eases, this summer could be the last chance for New Yorkers to benefit from Manhattan's deflated housing prices. With just under half a million residents, Staten Island is the smallest district, but it has many of the same big problems with its housing market as the rest of the city. However, like other metropolitan markets, the peak level of activity broke records, wrote John Walkup, co-founder and chief operating officer of New York-based real estate analysis firm UrbanDigs.
