1st Quarter 2021 Market Update

1. The NYC Real Estate Market saw a steady heating up in the 1st Quarter of 2021, rebounding quite well from 2020.
2. Contract signings increased each month, up to 1,490 in March alone. First quarter signed contracts numbered over 3,700. That is the strongest start to any year since 2007, even beating out 2013 by 6%.
3. The pace shows no signs of slowing down, either. 359 contracts have been signed in just the last week. That brings pending sales to 4,423 as of 4/13.
4. Closed sales in the 1st quarter were just over 2,600, which was the highest 1st quarter number since 2017, at least partially due to the pent up demand we saw erupt after Labor Day.
5. Meanwhile, the new supply pace is picking up. New listings in March increased almost 45% over February.
6. However, contract signings continue to outpace the new inventory. Overall supply has decreased, as it has throughout the 1st Quarter.
7. If you love the numbers and want to see breakdowns of different segments of the market, including the luxury and townhouse markets, CLICK HERE for the Bond Report for Qtr 1 2021.
8. Allie’s Analysis:
1. -The break-neck speed of contract signings is giving sellers more confidence. The market has already adjusted, and prices aren’t dropping further.
2. -Now is not the time to low-ball offers. Buyers are everywhere which means more competition. I’ve been speaking with several attorneys, and we’re all seeing that most accepted offers seem to be at or slightly above asking price right now.
3. –We are quickly heading into a seller’s market in Manhattan. I think the numbers in the coming months will show that we are there already.
4. –Interest rates are ticking up a bit, but they are still hovering around the historic low of 3%.
5. –If you’re considering buying a home, I think conditions remain favorable and are unlikely to get better in not too distant future. 3% is still such an incredibly low rate and is likely to continue to rise, reducing your buying power in the future.
6. –If you’re thinking of selling, now could be the perfect time. There are more buyers coming to market than apartments. A well priced home should draw a lot of attention.
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1st Quarter 2021 Market Update

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