What summer slowdown? Manhattan Real Estate Expected to Stay Warm as New Weekly Listings Decline
New York City homebuyers who expect to find less competition this summer might be shocked. Manhattan’s summer shopping season is shaping up to be one of the busiest in recent memory, according to a new report from real estate data provider UrbanDigs.
Traditionally, the summer months bring warm weather and a general slowdown in the Manhattan real estate market; however, a combination of low inventory and high competition has resulted in an increase in contracts signed each week compared to recent years.
UrbanDigs co-founder John Walkup summarizes market activity, which started to heat up in Q4 2020 before peaking in late spring. “The number of contracts signed each week far exceeds what we would expect in a typical year – and it’s a trend that dates back to at least the beginning of April. With that, this summer could see less of a downturn and more of a continuation of the record Manhattan market. “
After seeing a spike in contracts signed from April to May, the weekly average held steady at around 300 or more signed until June, the highest level of activity seen in the past five years. In the first week of July 2021, around 275 contracts were signed, which eclipsed the previous five-year record of around 180 contracts signed in 2017.
For new active registrations, the numbers tell a different story. In the first week of July, there were just over 200 new registrations, about 50% fewer than during the same period in 2020, according to data from UrbanDigs. The year-over-year decline in new listings in the market is expected to continue through the summer.
Compared to other major markets in the United States, Walkup says the Manhattan market has been slow to recover, but has experienced “a breakneck pace for transactions from mid-winter.” “Like other metropolitan markets, however, the peak activity level has broken all records,” he adds.
Despite increased activity and less inventory, top-notch properties at various prices are entering the market daily. In the Carnegie Hill neighborhood, this classic six-room apartment in one of the main buildings on Park Avenue is listed at $ 2.65 million. The two-bedroom, 2.5-bath residence included a light-flooded living room with a wood-burning fireplace, a large dining room, and a glass-fronted kitchen with plenty of cupboards. A south-facing window with a view of Park Avenue is another plus.
At around $ 2.8 million, residential options include this Lenox Hill apartment in a classic apartment building designed by Schwartz & Gross. Reconfigured to include an additional bedroom or family room, the seven-room (formerly eight-room) residence features flexible layouts, 10-foot-high ceilings, beautiful hardwood floors, and a glass-enclosed living room / library that adjoins found next to the living room.
Priced at $ 3.2 million, this Park Avenue residence in Carnegie Hill combines well-proportioned rooms (including a 31-foot-long entrance gallery) with ceilings over 9 feet high, wooden floors hardwood floors and oversized windows. The 2,300 square foot floor plan also includes ample storage space and a storage bin in the pet-friendly building.
In the legendary Hotel des Artistes in Lincoln Square, a south-facing duplex that once belonged to pop artist Leroy Neiman is for sale for $ 4.25 million. Meticulously restored and upgraded, the pre-war residence combines original details such as a plaster ceiling and stained-glass entrance window with a modern chef’s kitchen and two generous bedrooms. In the main living room, which is approximately 30 feet long, floor-to-ceiling windows offer a side view of Central Park.
Prices soar even more on the Upper West Side, where this condominium inside the Kiska Boutique Building is listed at around $ 8 million. A keyed elevator is used to access the four-bedroom, three-bathroom residence, which features an upgraded kitchen, open-plan dining area, and panoramic views of the rooftops and treetops of Central Park.