03/02/2021
Here’s what happened during the Fourth Quarter 2020 in Manhattan:
· Manhattan ended 2020 with the market showing signs of stabilization and resilience. In Q4 2020, closings grew versus the previous two quarters, signed contracts returned to pre-COVID levels, and inventory growth slowed.
· Deal activity increased significantly in Q4 2020, seen in both the annual gain in signed contracts and quarterly growth in closings. Year-over-year, contracts signed rose 8%. Closings rose 18% versus last quarter thanks to the increase in contract activity after reopening.
· Increased inventory is still one of the most significant headwinds facing the Manhattan market’s broader recovery. Supply remains much higher than Q4 2019 due to the surge in new listings upon reopening. Available inventory is up 36% year-over-year to 9,964 units.
· In Q4 2020, over 90% of closings were for deals inked since March, giving a clearer picture of COVID-driven price trends and buyer preferences. In Q4, value-seeking buyers closed on larger apartments but prioritized space and layout over building and location.
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Contact me at 646.806.5122 or [email protected] if you’re thinking of buying, selling or renting in NYC.
Also if you’re thinking of finding or selling a home in other markets, namely the Hamptons, Florida, SFbay Area and Orange County California, I have fantastic business partners I can refer you to.