Manhattan’s sales, rental markets hit new highs

Busiest March for home-sale contracts since 2007

New York /
Mar.March 29, 2021 10:00 AM
(iStock)

(iStock)

One year ago this month, New York’s real estate industry — and the city as a whole — effectively shut down with few deals being made as Covid-19 cases skyrocketed.

But a lot can change in a year.

The week ending March 25 saw 341 contracts signed in Manhattan, according to UrbanDigs’ weekly look at the borough’s real estate market. That’s a 400 percent increase from the same time last year — not a surprise, as the city was in lockdown at the time.

But the number of contracts signed in Manhattan this month is the most of any March since 2007, and there are still a few days to go. As of March 25, some 1,224 contracts were signed. If that pace keeps up, the number would be nearly 1,300 by the end of the month.

While the number of new listings was slightly below last week’s levels (383 last week versus 455 the week before), it was also a significant increase from the same time last year — 471 percent.

Fewer listings were also removed from the market, suggesting that sellers are willing to keep their properties listed if it means they can make a deal. If demand continues at the current levels, the borough’s years-long trend of a supply glut could reverse itself.

“As unbelievable as it sounds, if this trend continues, Manhattan could find itself facing a supply shortage in the near future,” John Walkup, the co-founder of UrbanDigs, wrote in this week’s report.

Demand is also up in the rental market, which has seen a surge in the number of leases signed in March. According to the report, more than 1,000 lease deals were made last week, the first time that’s happened since 2019.

“While landlords still have many units to lease, the general decrease in inventory, due to more leases signed versus new listings, suggests that the worst market conditions for landlords in recent years may be coming to an end,” Walkup said.





    Related Articles

    arrow_forward_ios
    Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and 22 East 67th Street (Getty, Corcoran, Google Maps)
    Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
    Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
    HomeX founders Michael Lerner and Vincent Payen (HomeX)
    HomeX nabs $90M to connect homeowners and repair techs
    HomeX nabs $90M to connect homeowners and repair techs
    Canada’s Public Sector Pension Investment Board CEO Neil Cunningham (left) and Allianz SE CEO Oliver Bäte (PSP Investments, Allianz, iStock)
    Canadian pensions, Asian wealth funds eye single-family home rentals
    Canadian pensions, Asian wealth funds eye single-family home rentals
    Clockwise from left: Flushing’s Main Street, City Point in Brooklyn and Bronx’s Fordham Road (Getty)
    Manhattan’s retail loss is outer boroughs’ gain
    Manhattan’s retail loss is outer boroughs’ gain
    A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
    RXR makes $220M apartment bet in Brooklyn
    RXR makes $220M apartment bet in Brooklyn
    Steve Cohen and One Beacon Court at 151 East 58th Street (Corcoran, Getty)
    Manhattan luxury market sees best week since 2013
    Manhattan luxury market sees best week since 2013
    Solow Building Company chairman Stefan Soloviev, CEO Michael J. Hershman and vice chairman Hayden Soloviev (Solow Residential, Fairfax, LinkedIn)
    Stefan Soloviev, Sheldon Solow’s son, reorganizes family firm
    Stefan Soloviev, Sheldon Solow’s son, reorganizes family firm
    This Brooklyn Heights home went into contract at $2,184 per square foot. (Compass)
    $14M house topped Brooklyn’s luxury listings last week
    $14M house topped Brooklyn’s luxury listings last week
    arrow_forward_ios

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

    Loading...