May 2021 Monthly Sales Market Update
It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for May 2021 in Manhattan and Brooklyn. To view the full NYC sales market monthly update for May 2021, click here.
In Manhattan, May was one of the best months for sales since 2007.
We did see a slight slow down month over month, but this is pretty typical seasonality. And we should expect sales to continue to slow down heading into the summer months, especially since people have greater mobility this summer compared to last year.
Prices also saw a small month over month decline. But the negotiability factor (i.e. difference from last asking price) seems to finally be holding steady. This may be another sign that prices have actually bottomed out.
The Brooklyn market continued to show signs of strength, with contract signings up year over year for a tenth consecutive month. Unlike Manhattan, contracts signed were also up month over month.
Competition may be a bit stiffer in Brooklyn due to decreasing inventory – listings were down 14% versus the previous month, which is a notable decline for the typically busy spring sales season.
And once again, the negotiability factor stood just above asking price for the borough – yet another indication that buyers don’t have as much leverage as they previously did.
As noted previously, summer is likely to bring a slowdown in the market overall. More states in the northeast and Mid Atlantic have hit President Biden’s target of 70% of the adult population with at least one vaccine dose. So as a result, we can expect people to be extra keen on traveling throughout the area. And perhaps spending less time on the weekends looking for apartments 🙂
If that’s the case, then this summer could be a great time for would-be buyers!