The third quarter of 2021 beat the record pace on the property market in Manhattan, a new report found.
According to Douglas Elliman’s quarterly report, 4,523 sales were closed in this quarter which becomes the highest total over 32 years of data.
The report suggests that the COVID-19 lockdown might have saved people some money and now with low mortgage rates it allowed the market to grow, with investment into a higher end of the market saw more sales gains than the lower end. The rise of sales higher than $4 million reached 132.5% from two years ago.
A Co-op’s average sales price in Q3-2021 has actually risen since Q3-2020 by $105,899, despite the fact that condos, luxury and new development properties have dropped in average prices. A condo’s average sales price dropped by 29.7%, while luxury dropped 30.7%. The record price change was stated in New developments which equaled 55.9%.
To compare the current year with the year of lockdown, the market pace was 74.9% slower than it is now. New York real estate seems to work for both of these years 2020 and 2021.
A rise in the market share of cash purchases jumped from the lowest and reached 48.6% in two and a half years, according to the report. This record shows how New York took a quick break during COVID-19, but now when things are better it gets back to its fast-paced and high investments track.
For more details you can read the full report here www.elliman.com