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.