Key Highlights

  • 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:

Signed Contracts

                                     July 2019           July 2020           Change

Manhattan

Co-ops                  640                    276                    -57%

Condos                  497                    192                    -56%

Single-Family         10                       9                         -10%

Brooklyn

Co-ops                   79                       102                    +29%

Condos                   147                    178                    +21%

Single-Family           40                       92                  +130%

Westchester County

Single-Family           465                    987                    +112

Condos                    124                    156                    +26%

New Listings

Manhattan

Co-ops               834                    1,129                 +35%

Condos              1,030                 881                    -15%

Single-Family    44                       58                       +32%

Brooklyn

               Co-ops               133                    221                    +66%

Condos              236                    368                    +56%

Single-Family    342                    194                    -43%

Westchester County

Single-Family    688                    1,158                 +68%

Condos              152                    243                   +60%

 

 

Thanks to Elliman Report/Miller Samuel and The New York Times.

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