Signed contracts spike in Manhattan and Brooklyn in January

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

(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.

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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.

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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.