- Pandemic has caused huge changes in NYC’s real estate market
- Since housing industry basically shut down when pandemic hit, reopening sparked competitive seller’s market, particularly in suburbs
- Manhattan’s housing market “pausing” longer than suburbs and some boroughs
A new type of monthly Elliman Report compiled by Jonathan Miller, president of the Miller Samuel appraiser firm, compares Manhattan’s real estate recovery with that of the city’s suburbs and boroughs. Instead of reporting total listings (both existing and new) and counting new sales based on closings, new metrics from Elliman and Miller look only at the month’s new listings and new signed contracts compared to one year ago. In other words, new metrics that indicate only which properties are entering and leaving the market right now.
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During the month of July 2020, listings were up in Manhattan while signed contracts were down. Miller said, “This is about mobility and wealth.” Those who could afford to move from their Manhattan primary home away from the COVID-19 pandemic to a “co-primary” home outside of Manhattan did so, all the while, in most cases, not selling their Manhattan digs so they could own two or “co-primary” homes inside and outside the city.
Westchester County was and continues to be the chief beneficiary, along with Long Island and Connecticut, of NYC’s “co-primary” housing trend. The number of signed contracts during July 2020 in Westchester County was more than double the number in July 2019. New listings in Westchester County increased by +68% from July 2019 to July 2020.
The high real estate action borough of Brooklyn has more than doubled its real estate activity from one year to the next. Its number of signed contracts and new listings for co-ops, condos and single-family homes increased +130% in July 2020 compared to July 2019.
Take a look at the July 2020 new monthly Elliman Report:
July 2019 July 2020 Change
Co-ops 640 276 -57%
Condos 497 192 -56%
Single-Family 10 9 -10%
Co-ops 79 102 +29%
Condos 147 178 +21%
Single-Family 40 92 +130%
Single-Family 465 987 +112
Condos 124 156 +26%
Co-ops 834 1,129 +35%
Condos 1,030 881 -15%
Single-Family 44 58 +32%
Co-ops 133 221 +66%
Condos 236 368 +56%
Single-Family 342 194 -43%
Single-Family 688 1,158 +68%
Condos 152 243 +60%
Thanks to Elliman Report/Miller Samuel and The New York Times.