Deals in New York City Overshadow Sales in the Suburbs

Offers for Manhattan properties have had a bull run in 2021, whereas gross sales within the suburbs and trip enclaves such because the Hamptons have slowed amid too few properties on the market. 

New signed contracts for Manhattan condos spiked 117.4% in August in comparison with the identical time in 2020, whereas co-op transactions had been up 38.8% 12 months over 12 months, in accordance with a report Thursday from Douglas Elliman. Offers for one- to- three-family properties greater than tripled, from six to 19, in the identical time interval. 

“The brand new signed contract quantity for all three property sorts mixed was practically double the identical interval final 12 months and is above the identical interval two years in the past,” mentioned Jonathan Miller, president and CEO of the appraisal firm Miller Samuel and the writer of the report. “As well as, all three property sorts noticed new signed contract quantity forward of the identical interval one and two years in the past, with one-to-three household quantity practically double the exercise seen in August 2019.” 

Luxurious condos in Manhattan, these priced for greater than $4 million, “confirmed even bigger beneficial properties in quantity, as new signed contract quantity for condos greater than doubled,” Mr. Miller continued. 

Certainly, contracts for prime condos priced between $4 million and $4.99 million jumped 228.6% 12 months over 12 months in August, from seven to 23, the information confirmed. For residences priced between $5 million and $9.99 million, transactions rose practically 243%, to 48 from 14, and there was a 175% enhance for these priced between $10 million and $19.99 million, from 4 to 11. 

Brooklyn remains to be going sturdy, and “newly signed contracts for all three property sorts mixed rose yearly for 14 consecutive months and by greater than triple in comparison with the identical interval two years in the past,” Mr. Miller mentioned. 

Final month, Brooklyn co-ops noticed 15.2% extra new signed contracts than a 12 months in the past, whereas offers for condos jumped 45%, the report discovered. There was additionally a 206.3% rise in offers for condos priced between $2 million and $3.99 million, from 16 to 49. 

In the meantime, gross sales have dropped off considerably within the Hamptons, which noticed gross sales spike final 12 months as prosperous New Yorkers fled town in the course of the Covid-19 pandemic. 

There, new signed contracts for single-family properties fell 59%, from 114 to 278, in August, in comparison with a 12 months in the past, the information confirmed. They had been down throughout all value factors, besides the $10 million to $19.99 million vary, which noticed a 120% bounce, from 5 to 11, final month. 

As well as, new listings had been down 50.9% 12 months over 12 months in August. 

“The exaggerated declines mirror the year-ago post-lockdown gross sales surge,” Mr. Miller mentioned. 

A scarcity of latest stock means fewer offers in suburban areas round New York Metropolis, as effectively.

For instance, final month in Greenwich, Connecticut, offers “fell 12 months over 12 months for the primary time in at the very least 14 months, with development weighed down by the drop in new listings in three of the previous 4 months,” Mr. Miller mentioned. “Nevertheless, the brand new signed contract quantity is greater than double the extent seen in the identical interval two years in the past, even with the annual decline.”

New signed contracts for single-family properties there have been down 36% 12 months over 12 months, whereas new listings plummeted 56.5% in comparison with August 2020, the report discovered.