Manhattan home sales improving as suburban hot streak continues

October contracts near last year’s levels as buyers return to borough

New York /
Nov.November 05, 2020 08:30 AM
(iStock)

(iStock)

Manhattan, the problem child of New York’s housing market, may be turning a corner.

New contracts for residential properties edged closer to 2019 levels last month as buyers returned to the city and brokers saw an uptick in interest and activity.

Buyers purchased 510 co-ops in Manhattan last month, just 4 percent below the same period last year, according to a market report from Douglas Elliman.

Contracts for single-family homes actually increased, from nine last October to 13 this year. But condo deals lagged, falling 28 percent behind last year’s monthly total.

The most popular price range for snapped-up condos was $1 million to $1.99 million, followed closely by $2 million to $3.99 million.

Demand is still high in Brooklyn, where 225 condos went into contract last month — up 53 percent from last year. Most were in the $500,000 to $999,000 range. Deals for single-family homes in that price bracket also shot up, from 17 last October to 61 this year.

“Brooklyn is behaving much like the suburbs and has benefited from outbound migration from Manhattan,” said appraiser Jonathan Miller of Miller Samuel, who prepared the report.

In the suburbs of Long Island and Westchester, deals were well above year-ago levels, a trend we have been seeing for much of the year.

In the Hamptons, contracts for single-family homes more than doubled last year’s numbers, with noticeable spikes in price ranges above $4 million. North Fork contract signings were also significantly higher.

“The regional story is that the housing markets across the region, overall, are still faring much better than they were a year ago, but they essentially stabilized — plateaued — since July,” Miller said. “Manhattan continues to crawl out of the hole it dug itself in after lockdown, but for the most part it still has not achieved parity with the prior year.”





    Related Articles

    arrow_forward_ios
    John Giannone and Jac Credaroli (Credit: iStock)
    Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
    Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
    Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
    Douglas Elliman is coming to Texas
    Douglas Elliman is coming to Texas
    Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
    Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
    Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
    (iStock)
    Want a home in Greenwich? Data says you’d better hurry
    Want a home in Greenwich? Data says you’d better hurry
    Brooklyn sales jumped 82% in the fourth quarter
    Brooklyn sales jumped 82% in the fourth quarter
    Brooklyn sales jumped 82% in the fourth quarter
    After years of lagging sales, Westchester County saw the highest number of completed home sales since 1996. (Getty)
    Westchester home sales hit historic high in 2020
    Westchester home sales hit historic high in 2020
    Matthew Whitman Lazenby, Grant Cardone, Phil Collins, Orianne Bates, Russell Galbut, Natalie Brabner, Craig Studnicky and Masoud Shojaee (Lazenby by Sonya Revell; Getty, iStock)
    South Florida’s juiciest real estate lawsuits of 2020
    South Florida’s juiciest real estate lawsuits of 2020
    Scott Durkin, president and COO of Douglas Elliman; Bess Freedman, CEO of Brown Harris Stevens
    The Covid churn: Inside resi brokerages’ recruiting games
    The Covid churn: Inside resi brokerages’ recruiting games
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...