Your Trusted Real Estate Advisor and Local Market Expert
Brooklyn apartment prices averaged a record
$965,575 in the second quarter, as demand remained
incredibly strong. Closings more than doubled
compared to a year ago, and were also up 26% from
2021’s first quarter. The number of contracts signed
during the second quarter set a new record.
You can view the full report by clicking the photo above.
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Manhattan Q2 2021 Market Report
Apartment closings surged in the second quarter, rising 38% from just the first quarter of 2021. Sales were 129% higher than a year ago-understandable given COVID-19’s impact on 2Q20-but still an incredible comeback in just a year’s time.
All price levels saw a big jump in sales, especially resale apartments priced over $5 million. This rush of luxury closings helped bring the average resale price up 21% from the prior quarter, to $1,720,606.
It’s important to note that the rise in the average resale price doesn’t mean that prices are rising for all apartments. Anytime you have an abnormally high amount of luxury resales-220 CPS had four with an average price of $53.4 million-it can have a disproportionate impact on the overall average price. The median resale price, which measures the middle of the market, was just 4% higher than 1Q21.
The big takeaway is the market is back big time, and with a record number of contracts signed in the second quarter, expect closings to continue to increase in 3Q21. The removal of most COVID-19 restrictions, and the return of Manhattan office workers will give our economy a huge boost, which should continue to keep buyers coming to Manhattan.
You can view the full report by clicking the photo above.
Brooklyn Townhouse Update. Here is our townhouse update for the first half of 2021. Apartment and townhouse sales were strong throughout the spring and into the summer. The outlook remains positive. Call for more information or assistance.
https://media.bhsusa.com/pdf/1H21_TH_MR2-Bklyn.pdf https://segrettahomesales.com
#segrettahomesales #brooklynbrownstonesales #nyc2shore #segrettarealestate
