June 2021 NYC Monthly Sales Market Update
It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for June 2021 in Manhattan and Brooklyn. To view the full NYC sales market monthly update for June 2021, click here.
June 2021 was yet another record month for contracts signed in Manhattan. This marked a fifth consecutive month of “bests” for the market.
The first six months of 2021 saw more than 8,800 contracts signed, which is already 12% more than for 2020 total.
Contracts signed did tick downward month over month, however, signaling that seasonality may be kicking in. Summer is typically a slower sales season versus winter and spring.
Prices were up month over month but down year over year. And the negotiability factor seemed to be holding steady both on a monthly and annual basis.
Brooklyn also had a very strong month for signed contracts, with a 420% increase year over year.
But like Manhattan, signs of seasonality are also beginning to creep in, with contracts signed down 11% month over month.
Days on market in the borough saw a steep decline year over year (32%) but a slight uptick month over month.
And the negotiability factor moved higher to 1.2% above asking, demonstrating that the market continues to lean more in favor of sellers.
While the month over month pace of sales is likely to slow down in the months of July and August, we still expect to see strong year over year numbers. But the gains may be a bit more muted since July and August of last year saw high numbers of deals due to pent up demand from the shutdown. Remember that in person viewings didn’t resume for residential real estate until late June 2020.
Fewer listings are likely to come to market over the summer. But buyers are also likely to face a bit less competition as more purchasers hit the “pause” button to enjoy the season. So, those who are eager to continue their search might find the timing to be a boon.