January 2021 Market Update
Manhattan was off to the races In January with the strongest sales activity in the last 7 years. Signed contracts were up 26-27% compared to January 2020 and up 57% compared to September 2020. Many properties that had been lingering on the market since early Fall (or before) suddenly received multiple offers in December/January. In the same time period, there was not much new inventory, and anything appealing that came on was snatched up almost as soon as it was listed. While the data shows lower sale prices, the median and average prices were not substantially different than in January 2020, suggesting that the Covid effect was not nearly as drastic as many feared.
Market-wide the sentiment in Manhattan seems to be that the bottom has passed, and buyers seem anxious to make deals happen before prices rebound further. With inventory still tight and buyers on the prowl, we encourage sellers to list now ahead of the Spring burst of inventory.
In Brooklyn, things were quieter as contract activity was even with or below last year's levels and inventory grew. Closed sale prices were higher compared to both December 2020 and January 2020. As sale prices are a lagging indicator, the strong prices are a testament to the strength of the Brooklyn market throughout the Fall, when political and pandemic uncertainties had Manhattan largely paralyzed.