Manhattan Sales Report 1Q 2021
Let’s take a look at closed sales in the first quarter of 2021.
Manhattan has finally joined the real estate party that the wider tri-state region, and also most markets in the USA, have been experiencing since the summer.
Manhattan lost more residents than the other boroughs during the pandemic due to its greater wealth and mobility. But the borough has come back, with demand fueled by record-low mortgage rates, greater affordability, pent-up demand, and an improved sense of safety with the deployment of the COVID-19 vaccines.
Talking by Numbers. Let’s try to put things in perspective.
There were 2,457 closed sales, up +2.1% from the yearago quarter, slightly below the 2,567 average for the first quarter over the last decade. This first-quarter sales exceeded year-ago levels for the first time after three consecutive quarters of meaningful annual declines. Sales surged +28.7% from the last quarter of 2020.
The overall price trend indicators continued to show mixed results, the median sales price was $1,075,000 up +1.4% YoY while average sales price was $1,711,159 down -9.4% from $ 1,887,740 for the same period last year.
The average price per square foot declined -9.9% year over year to $1,387, and the lowest level reached in six years.
Although listing inventory was 7,224, or 18.2% higher than the year-ago quarter, the supply of listings for sale dropped -22.5% from the third quarter. The market is absorbing inventory quickly.
The days on market was 138, 20% longer than the previous year. Properties sold that were correctly priced – not needing a price adjustment – sold in half the time or 85 days faster.
Listing discount, the percentage difference between the list price at the time of sale and the sales price was 4.6%, down from the 7.2% listing discount in the year-ago quarter.
First-time buyers set a seven-year market share record of 41.9%.
Miami: House prices are falling, Condos are still on the rise.
South Florida house hunters may finally be catching a break. After months of increases, the median price for single-family homes appears to be stabilizing.
The total number of residential home sales rose by +33.5% year to year, from 1,862 in February 2020 to 2,485 in February 2021. Sales increased by +23.6% for single-family homes and by +42.3% for condos. Miami-Dade has 2.8 months of supply of single-family homes and 10.2 months of inventory for condos. A balanced market consists of six-to-nine months of inventory.
The median sales price of a house increased year-over-year by +21.6%, from $370,000 in February 2020 to $450,000 in February 2021 — but down -4% from the all-time high of $470,000 in January. The median price of a condo is 17.6% higher than last year — $300,000 up from $255,000, despite rising inventory.
Houses closed at 97.2% of the asking price, up from 95.4% last year. Condos closed at 94.3%, up from 94% last year.
Cash buyers comprised 35.8% of total sales, down from 37.3% last year. The percentage of all-cash buyers was well above the national figure of 22%.
The total number of Broward residential home sales increased year-over-year by +24.8%, from 2,159 in February 2020 to 2,694 in February 2021. Sales grew by +23.8% for houses and +25.6% for condos. Broward has a 1.7-month supply of single-family homes and 4.9 months of inventory for condos. A balanced market consists of six-to-nine months of inventory.
The median sales price rose year-over-year by +12.5% for houses — from $385,000 to $433,000 — and +10.8% for condos — from $180,500 to $200,000.
Houses closed at 97.8% of the original asking price, up from 96.1% last year. Condos closed at 95.3%, up from 94.3% last year.
Cash buyers comprised 36.9% of total sales, down from 39.8% in February 2020. Still, the percentage of all-cash buyers was higher than the national figure of 22%.