Houston, TX, 4th May 2021, ZEXPRWIRE, Despite reports to the contrary, it appears that real estate in and around New York City is gaining ground and poised for a rebound, according to reports from NRIA. We also called Douglas Elliman Real Estate, who said that they have seen positive growth in the real estate market over the past couple of quarters. Their February report also says that newly signed contracts for condominiums, co-ops, and 1-3 families combined have risen annually for the third straight month.
Let’s look at each borough of New York City, New York, and see how they are faring in the real estate market for both sales and leases for renting.
Manhattan
Manhattan, according to NRIA, has lagged behind the rest of New York City in real estate sales since the beginning of the summer. However, this year has seen it beginning to play catch-up. Supply and demand has changed dramatically as the number of listing coming to the market have declined, and the number of sales has risen.
Brooklyn
More property owners have been listing their properties in Brooklyn due to the market’s robust conditions. Contracts on condominiums, co-ops, and 1-3 families combined have been rising significantly over the past eight months. Regardless of this, according to NRIA and searchable inventory on Elliman.com, there is still plenty out there, largely due to newer listings as the demand is keeping up with supply it seems.
Long Island (excludes North Fork and Hamptons)
Since June, Long Island has seen newly signed contracts for single families and condos combined rising year over year consistently. That is, until February. February’s report was the first that didn’t see this rise since June. As per NRIA, there has been a sharp decline in listing inventory in January and February, making it difficult for new contracts to be signed.
Hamptons
New inventory also fell sharply in Hamptons. However, our reading of Elliman data suggest that this did not slow down the number of newly signed contracts on single families and condos combined there. They have been rising significantly year over year since May and did not slow down this month either.
North Fork
North Fork saw a modest gain in newly signed contracts for single families and condos combined, but nothing like Hamptons. However, their new listing inventory has also fallen sharply. Theirs, however, according to NRIA, has been a more extended decline in that it has been falling for three consecutive months.
Westchester
Westchester also saw a sharp decline in new listing inventory in January. As per NRIA, they have, however, seen a significant rise in newly signed contracts for single families and condos combined.
Conclusion
Although much of New York City has seen a significant increase in newly signed contracts due to heightened demand after the spring COVID lockdown, the newly signed contracts in Manhattan fell short of their co-op and condominium sales from one year ago.
Sales in New York City have fallen short of where they were this time in 2020. However, the volume of newly signed contracts suggests that the sales will pick up enough to close the gap in the rest of 2021.
As per NRIA’s analysis and Elliman data, the annual number of sales has dropped yearly (except for in 2017) since they peaked in 2013. The median sales price has not fallen below the $1 million threshold since 2015.
This shows that the real estate market is booming, as Douglas Elliman said. If you’re looking to buy or sell, now is the time to do it.
By Sarah Mosely
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