NYC Real Estate Market Update & Trends QTR 2 2021

It’s been an amazing 6 months in NYC Real Estate! After coming to a screeching halt last summer, the market is not only back on the road, but is in the express lane.

Pending sales have been climbing fast and furiously since the beginning of the year, bringing us to record numbers. Right now there are more than 5,450 pending sales in Manhattan alone, which is an almost 300% increase over last year, and a 165% increase over the usual June numbers. These massive numbers are causing back-ups at every step of the process. We’re seeing delays at banks and with attorneys and management companies. Right now it’s not unusual for a co-op to take 120 days from contract to closing. It’s important to adjust your expectations accordingly.

Unlike the markets in the suburbs and around the country, we have maintained a decent amount of inventory throughout the first half of the year, even as pending sales continued to climb. This has kept it a relatively balanced market between sellers and buyers.

Contract signings in June dipped 8.6% below May, but there were 1,440 contracts signed, which is still well above average. New listings were down 11.2% from May.

As we’re watching the pace of new listings slowing more than the pace of contract signings, we’re seeing prices rise and days on market shorten accordingly.

NYC Real Estate usually slows during the summer months, but so far it looks like this summer may be just as unusual and exciting as the first half of 2021.

As prices start to climb and inventory decreases, it is a great time to jump into the market if you’ve been thinking of selling.

If you’ve been considering buying in the not too distant future, don’t wait any longer! Both prices and interest rates are looking like they will continue rising for a while. Buying now will still get you locked into a really great interest rate and prices are still on the upswing.