June 2021 NYC Market Update

The Manhattan Real Estate Market continues to rise. For the 4th month in a row we saw contract signings well above the average of 1,000 per month.

There were 1,587 contract signings in May. That’s down a tiny bit from April, but that difference could be accounted for just from the Memorial Day weekend slow down. These are still phenomenal numbers, demonstrating a lot of faith in the future of NYC.

Pending sales continue to climb as attorneys and banks are trying to keep up with the volume of transactions. A little extra flexibility with closing date seems to be necessary these days.

Supply is no longer keeping up with demand. Overall, supply is down over 4% from last month because 16% fewer listings came to market in May.

If you’ve been toying with the idea of selling or trading up your home in NYC, it’s an excellent time to jump in the market while demand is still so high.

The re-supply pace is down over 51% from April, and days on market is also starting to drop.

We will see this lead to an increase in prices. We’re already seeing less negotiability and even some bidding wars in some pockets of Manhattan.

NYC Real Estate is continuing its upward trajectory, but the bottom of the market is less than a year behind us and with interest rates still hovering around 3%, it remains a good time to buy in NYC.