NYC Sales Market Monthly Update – April 2021
It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for April 2021 in Manhattan and Brooklyn. To view the full NYC sales market monthly update for April 2021, click here.
There’s pretty much ZERO doubt that the Manhattan market is back. April was the strongest month on record for signed contracts
Prices haven’t started to follow just yet. Year over year increases were solid, but many listings are still selling below asking price. However, the negotiability gap is finally starting to close. This reflects both increased buyer demand and better pricing by sellers to meet buyer expectations.
Brooklyn, on the other hand, is moving increasingly towards a seller’s market.
This is especially evident in the negotiability factor, which is actually ever so slightly above asking price in some segments.
However, like Manhattan, prices overall aren’t seeing a big bump just yet, remaining only slightly higher year over year and flat month over month for co-ops and condos combined.
May is expected to show continued strength, especially with the latest news about vaccination and infection rates, as well as calls for workers to return to the office. Prices are likely to stay steady, but may start to really march upward for in demand segments. But that being said, there’s still a lot of great value to be found in certain submarkets (especially new development, studios and 1 bedrooms).