STATE OF THE MARKET

1ST QTR 2021

There is much to celebrate about this Q1 2021 Report:  

  • it has the highest number of closed sales of any Q1 since 2017, when the market began it's slow decline.

  • the number of closed sales surged 28.7% (!!!) over Q4 2020.

Sales are being fueled by low mortgage rates, pent up demand, strong stock market performances, an improved sense of safety with the acceleration of the COVID-19 vaccine distribution and greater affordability (average prices and average price per square foot were both down in Q1, and the median sales price for new development was down approximately 24% both year-over-year and quarter-to-quarter).

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2ND QTR 2021

My observations about the current market statistics:
Year-over-year comparisons must be analyzed considering that Q2 2020 were the darkest days of COVID. Showings were shut down, closings were delayed and the environment was radically different from what it is today

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3RD QTR 2021

Q3 was a record quarter driven by discounted prices, vaccine adoption, low mortgage rates, improving economic conditions, a strong stock market and overall buyer confidence.  There were 4,523 closed sales in Q3, the highest total in 32 years of tracking, more than triple the same period last year, more than 30% higher than Q2 and more than 75% higher than the same period two years ago. 

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4TH QTR 2020

2020 was one of the most challenging and unpredictable years on record.  
Good riddance 2020 and welcome to 2021!

Residential real estate in Manhattan continued to experience turbulence in Q4 while showing resilience and signs that a turnaround is imminent.
 

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