July 2021 Monthly Sales Market Update
It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for July 2021 in Manhattan and Brooklyn. To view the full NYC sales market monthly update for July 2021, click here.
Manhattan saw another record month for sales, with contracts signed up 143% versus July 2020. This was the highest number for the month of July since 2013.
Luxury sales in particular led the way, with a record breaking number of sales over $2 million.
Days on market also saw a decrease of 27% versus the previous year – yet another bit of evidence that demand is resurgent and consistent.
Signs of seasonality, as predicted, did appear, with contract signings and listings inventory both down month over month.
And sellers aren’t quite yet calling the shots. Negotiability was just below 3% under asking.
Brooklyn continued its strong performance, with a fifth straight month of 500+ signed contracts.
Days on market decreased year over year by 10% and prices were once again up year over year for both condos and coops.
But there are signs of the market changing. Seasonality may have kicked in and caused a month over month decrease in contracts signed. But listing inventory finally rose both month over month and year over year.
Additionally, sellers seem to have lost a little bit of their negotiability advantage – the negotiability factor stood at just 0.1% above asking for the month of July.
Seasonality trends are likely to continue into the month of August, but so is the trend of year over year growth.
August is typically one of the quietest months of the year for new listings, so deal volume may look particularly muted compared to previous months. But it’s also possible that some active buyers might take advantage of the summer lull to score a new spot.
And there’s a wrench that the market will have to contemplate – the delay of office return dates throughout the city. While the delays could put a damper on the market, it’s also entirely possible that it may buoy the market through September and October.
Only the numbers will tell with time…