Sales of co-ops and condos in Manhattan finally took off in 2021.  Sales in the region’s other four boroughs had already boomed by the time Manhattan woke up.

2012-2021 Manhattan Decade Report

Jonathan Miller, President and CEO of Miller Samuel Appraiser, has authored the Douglas Elliman Decade Report since 2014.

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Here are the highlights of the latest 2012-2021 Manhattan Decade Report:

– Median sales price jumped to the second highest in 32 years

– Listing inventory down sharply year-over-year

– Number of sales for 2021 soared to highest-level record in 32 years

– Fastest pace market since 2015 due to falling inventory and blazing sales

– Over decade, number of 4+ bedrooms sales increased twice the rate or higher than any other size category

– Since 2012, median sales price rose to highest level in all size categories

– Low mortgage rates and strong economic conditions for buyers spurred unusually heavy demand

2021 Manhattan Condo Unit Sales by Size

From 2020 to 2021, condo sales increases looked like this:

– Studio -+11.1%

– 1 Bedroom – +31.2%

– 2 Bedroom – +34.3%

– 3 Bedroom – +16.9%

– 4 Bedroom+ – +6.5%

2021 Manhattan Co-op Unit Sales by Size

– Studio – +1,315 sales

– 1 Bedroom – +2,803 sales

– 2 Bedroom – +2,214 sales

– 3 Bedroom – +891 sales

– 4 Bedroom+ – +298 sales

Manhattan Townhouse Highlights (2012-2021)

According to Jonathan Miller, “Sales surged from last year’s pandemic lows, overpowering the growth of supply.”

– Months of supply stimulated fastest-moving market in 25 years

– After a record low in 2020, 2021 listing inventory surged y/y at the highest rate on record

– DOM surged to new low as heavy demand cleared older listings from market

– Single-family townhouses more than tripled y/y to highest total ever

– Average price per square foot of 3-5 families climbed higher y/y as other size categories slipped

– Single-family market share by total dollars jumped to highest share in 22 years

– Median sale price over decade saw much larger gains in two-family and 3-5 family markets than for single-family

– Luxury price trend indicators climbed higher and remained above pre-pandemic levels

– Average luxury sales size fell in 2021 from 2020 but remained well ahead of decade average

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