Insatiable demand from Brooklyn homebuyers spurred signed contracts well past pre-pandemic levels.
Both Signed Deals and New Listings in Brooklyn Increased During August
According to a report by the appraisal firm of Miller Samuel for Douglas Elliman, signed deals in Brooklyn increased +142% during August 2021 compared with pre-pandemic August 2019.
Simultaneously, according to this report, new listings in Brooklyn increased +6%.
Manhattan signed contracts jumped +17% from August 2019. Even though the level of new listings kept up with this sales pace, listings in Manhattan were -42% lower than in pre-pandemic August 2019. Miller believes this downward trend in new listings may continue through the remainder of 2021.
Jonathan Miller, author of this latest Elliman report and president of Miller Samuel, said, “Insatiable demand with new signed contracts is pulling supply into the market.”
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Markets Normalizing in New York Suburbs
The August Elliman report indicated that contract signings were similar to 2019 signing levels in New York and its suburbs. Condominium sales in Long Island (excluding the Hamptons and the North Fork, increased +3%. Single-family home sales were down -13% from August 2019. Homes valued at $400,000 and above generated more sales while those valued at less than $400,000 saw fewer signings.
Hamptons/North Fork Deals
Signed contracts in the Hamptons declined -13% compared to pre-pandemic August 2019. New listings in the Hamptons, on the other hand, jumped +63% compared to two years ago, as, according to Miller, owners continued looking to capitalize on the aggressive Hampton’s market.
Deals in the North Fork were similar to the Hamptons with signings falling -17% compared with August 2019. Unlike the Hamptons, however, new listings in the North Fork fell -15% compared with two years ago.
Miller said, “We’re not seeing the same influx of new inventory that the Hamptons did. That’s largely because the Hamptons has a much higher price point that the North Fork in general.”
Deals in Westchester and Fairfield Counties
After rampant sales during 2020, Westchester County experienced -3% fewer signed contracts in August 2021 compared with August 2019. New listings were also -26% short.
Fairfield County experienced exceptionally strong sales during August 2021 with an increase of +55% over August 2019 sales. New listings were down -39% since 2019.
In Greenwich, big positives for both sales and new listings, +57% and +40% respectively.
Thanks to The Real Deal and Douglas Elliman Report.