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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