Transaction signing during July popped in New York City while sales action in the Hamptons slowed. The culprit in the Hamptons? Low inventory.
Newly Signed Contract Volume in NYC Higher than 2019 Levels
Signed contract volume for New York City condominium and co-op sales went through the roof in July. New signed contracts for condos in Manhattan soared +165% y/y while co-op transactions spiked +151.1%, according to a recently released report by Douglas Elliman.
This report said, “The number of newly signed contracts for all property types…exceeded year-ago levels for the eighth straight month…and was also higher than the levels seen in 2019.”
Manhattan’s Highest Priced Homes Also Saw More Signed Contracts
Transactions for condos priced between $5M and $9.99M jumped +129.4% y/y in July. Signed contracts for condos priced between $10M an $19.9M nearly tripled plus there were five condo deals priced more than $20M compared to no such deals, zero, during July 2020.
Brooklyn Sales Action Also Surged
New signed contracts for condominiums in Brooklyn jumped +77.5% and contracts for Brooklyn co-ops also jumped +63.7% y/y in July.
New listings in Brooklyn dropped for the first time since at least May of 2020. Condo listings fell -13.6% y/y while co-op listings dropped -14% y/y.
Sales Action in Hamptons Dropped in July
According to the Elliman report, sales happenings in the Hamptons during July didn’t happen. New signed contracts plummeted -60.7% y/y. The report said, “New signed contract volume for single-families compared to the prior year went negative for the second time since May 2020, held back by tepid new listing growth.” Listings dropped more than -35% y/y during July.
Likewise, the North Fork, more affordable than its Hamptons neighbor, saw its sales volume drop by more than -50% y/y during July.
Sales Activity in Greater New York Area Continues to Flourish
“Newly signed contracts for single-families increased annually for the 13th consecutive month…” in Greenwich CT, according to the Elliman report. Greenwich transactions jumped +10.2% y/y in July as did the number of closed transactions for homes priced between $5M and $9.99M.
Thanks to Douglas Elliman Report and MansionGlobal.