NYC Sales Monthly Market Update – February 2021
It’s time for the monthly sales market update! Here’s a look at some key numbers for February 2021 in Manhattan and Brooklyn.
Contracts signed were up significantly year over year AND month over month in NYC. This may indicate that buyer demand is holding (and possibly growing). Overall, the sales market for February in NYC was one of the strongest seen in years in terms of deal volume.
While listings remained above levels seen last year, inventory declined month over month thanks to solid deal activity. In fact, Brooklyn is now back at levels comparable to 2019.
The story for prices diverges for Manhattan and Brooklyn.
- In Manhattan, the average price per square foot for co-ops was down year over year, and prices remained mostly flat for condos.
- In Brooklyn, the overall average price per square foot was up year over year and month over month. But condos were slightly down year over year, while co-ops were up significantly. This bump, however, was primarily due to a lower price per square foot for co-ops back in February 2020.
In general, prices have been relatively stable in Brooklyn since the summer, despite the pandemic. This is likely welcome news to would-be sellers, but not so thrilling to buyers who were hoping to score a “COVID discount” in the borough. But it’s worth noting that these numbers are for the whole market – there’s still great value to be found in certain segments.
While it’s certainly still a good market for buyers in terms of overall value (i.e. lower asking prices and low interest rates), buyers would be mistaken to think they hold all the cards. There are currently a LOT of active buyers in the market. So it’s crucial to be prepared (i.e. be pre-approved and understand your finances).