November 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 November 2021 in Manhattan and Brooklyn.
The Manhattan market continued to surge back, with an all time record high of 1400 contracts signed in the month of November. Bucking seasonality, this was also a month over month increase.
The strength of the market was further reflected in inventory and days on market, both of which decreased year over year.
And in a positive sign for sellers, the average price per square foot ticked up 26% year over year, led by strong gains in the high end condo sector.
But sellers can’t overplay their hand – the negotiability factor remained relatively unchanged month over month at 2.1% below asking.
Brooklyn also continued to go strong, with another month of 500+ contracts signed and the best November on record since 2017.
Similar to Manhattan, both inventory and days on market decreased year over year. And prices saw a healthy increase year over year as well, again, thanks to strong high end condo sales.
And likewise, the overall Brooklyn market remained about even in terms of negotiability, with the rate dipping to 0.1% below asking.
But it’s important to emphasize to readers that this is boroughwide. Certain areas in Brooklyn are amongst the top selling zip codes in the city and stiff competition should be expected.
The Omicron variant has thrown yet another wrench in expectations. Thus far, the financial markets seem to be shrugging it off. And there’s recently been very good news about the effectiveness of boosters. But it’s too soon to tell what impact it’ll have on the NYC housing market.
What’s more likely to impact the market is interest rates. Inflation isn’t abating and it’s putting the Federal Reserve in a tight spot. So they recently announced an aggressive plan to increase interest rates 3 times during 2022. So, if you’ve been on the fence about whether or not to get your home search started, this news should nudge you over!