Signed contracts spike in Manhattan and Brooklyn in January

Co-op deals up more than 150% in both boroughs

New York /
Feb.February 04, 2021 09:45 AM
(iStock/Photo Illustration by Kevin Rebong for The Real Deal)

(iStock/Photo Illustration by Kevin Rebong for The Real Deal)

New signed contracts rose across all home types — condos, co-ops and one- to three-family homes — in January, but co-ops especially saw a big spike.

New signed contracts for co-ops in Manhattan jumped 167 percent year-over-year, according to the latest report by Douglas Elliman. The number of transactions hit 518, skyrocketing above the 194 recorded in January 2020 — before the pandemic hit.

This is the second annual increase in deals since the first lockdown ended in June, according to the report.

But inventory hasn’t kept pace: New listings fell 14 percent, from 709 last year to 608 in January. This marks the fourth consecutive month of inventory falling.

The trends reported by Elliman are similar to those in the weekly Olshan Realty luxury market report, which has shown the market rebounding. But while things may look better than it did last year, it’s a ways off from the highs of 2015.

Brooklyn had a similarly good month. For co-ops, new signed contracts increased 157 percent, from 46 to 118. And contracts signed for one- to three-family jumped by an eye-popping 481 percent, continuing the trend of townhouses dominating sales in the borough.

Inventory in Brooklyn has also managed to grow with the market. New listings jumped 130 percent, from 93 to 214.

New York City has faced some competition from the suburbs in recent months as residents explore having a secondary home in the tristate, or relocating completely. And while inventory has been depleted in the suburbs, demand remains strong.





    Related Articles

    arrow_forward_ios
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
    For 15 years, David Koch lived at the world’s “richest building”
    For 15 years, David Koch lived at the world’s “richest building”
    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
    Two penthouse apartments were sold at 150 East 78th Street with the intent of combining them (Compass)
    Double penthouse asking $33M is priciest listing snapped up
    Double penthouse asking $33M is priciest listing snapped up
    Ford estate fetches $105M, a Hamptons “record” but far below ask
    Ford estate fetches $105M, a Hamptons “record” but far below ask
    Ford estate fetches $105M, a Hamptons “record” but far below ask
    Brooklyn contracts jump in mid-October
    Brooklyn contracts jump in mid-October
    Brooklyn contracts jump in mid-October
    HRI founder Aaron Carr and Virginia Attorney General Mark Herring (Facebook, Getty)
    Housing Rights probe pins voucher discrimination on VA landlords, brokers
    Housing Rights probe pins voucher discrimination on VA landlords, brokers
    School and office reopenings led to fewer reservations at the end of summer. (iStock)
    Hamptons rental market had strong summer, begins to cool
    Hamptons rental market had strong summer, begins to cool
    arrow_forward_ios

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

    Loading...