August 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 August 2021 in Manhattan and Brooklyn.
To view the full NYC sales market monthly update for August 2021, click here.
Manhattan had another record month, with signed contracts up 80% over last August. In fact, it was the best August for sales since 2007.
But, as expected, there were signs of seasonality, with signed contracts 8% lower than July and days on market up 8% year over year.
Negotiability continued to hold steady at just under 3%, signaling that while the market has definitely improved, buyers haven’t lost all their leverage.
Brooklyn had a sixth straight month of 500+ signed contracts. And contract signings overall were up 34% year over year.
Days on market saw another decrease, and the average price per square foot continued its march upward with a 7% increase versus August 2020. But seasonality showed up in the form of a slight decrease in listing inventory.
Sellers do still have a bit of an edge, but not by much. The negotiability factor stood at 0.6% above asking for the month of August.
September is likely to see continued year over year growth. But how much growth still remains to be seen. We won’t have to wait too much longer to see, though, since September is now past!
The delay of office return dates has certainly impacted the rental market. However, it’s unclear what impact (if any) it’s had on the sales market. Sales typically have a much longer cycle to complete, so we may not see the true fall out until October or November.
But it’s possible we may not see much of any impact, especially since interest rates continue to be low. And with the Federal Reserve indicating that it might be ready to start raising rates, that may give buyers more motivation to try to score a place in the coming months.