New York City Residential Market Report: April 2021
The NYC market enjoyed a record-setting month: Against 2020, contract signings surged 640 percent in Manhattan and 418 percent in Brooklyn.
The Corcoran Group recently released its residential market reports for Manhattan and Brooklyn for April 2021. Among the reports’ key findings:
Manhattan
The Strongest April on Record
This April, the Manhattan market broke records. Nearly 1,700 signed contracts were signed during the month, the strongest April on record. Condo sales were essentially level with last month and hit their highest level since April 2013. Co-op contracts signed rose compared to March and had their best month since June 2007. Alongside improving demand, days on market fell on a monthly and yearly basis for the fourth consecutive month to 146 days on average, the lowest since October 2019. Note: year-over-year changes in contract activity were exaggerated by last year’s Covid-19 shutdown.
Active Listings and Average Price per Square Foot Higher than a Year Ago, but Discounts Still Prevalent
Despite the improvement in demand, listed inventory remains high at nearly 8,000 listings. However, April listings were last higher in 2019. Average price per square foot rose annually, but very few sales were over $1M last April due to the Covid-19 shutdown, and $5M+ sales hit a record high at nearly 150 contracts signed. Discounts remain prevalent but moderated in April to -3.2% off last ask, about 1% less deep compared to March.
Brooklyn
Robust Contract Activity and Highest Level of Contracts Signed Since 2018
Contract activity expanded annually for the ninth consecutive month. April 2021 finished with 611 signed contracts, a 418% increased compared to April 2020. All price ranges and submarkets saw contract activity improve versus the same month last year. Days on market shrank annually for the fifth consecutive month with the uptick in buyer activity.
Active Listings at Highest Level Since 2016 and Average Price per Square Foot Grew Versus a Year Ago
Active listings spiked versus April 2020, up 84% year-over-year as last year’s figure was significantly affected by the Covid-19 pandemic. Active listings reached their highest level in nearly four-and-a-half years. The overall negotiability figure this month was slightly above last asking prices. Specifically, co-ops saw reduced negotiability as there were several multiple offer situations for residences in prime Brooklyn neighborhoods. The rise in average price per square foot market-wide was driven by strong gains in the condominium market.
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