March was a banner month in New York City. Across all residential property types, contract signings in Manhattan and Brooklyn increased – a first for Manhattan since 2022 began. Townhouses were highly desirable in Brooklyn and topped the list of priciest sales for the month. The median sale price in Manhattan is up nearly 30 percent since February of last year and the areas hit hardest by the exodus of the early days of the pandemic (specifically, Downtown, Midtown, and the Financial District) accounted for more than 70 percent of transactions in March.
While the City is benefitting from the resurgence of urban living, transactions in the luxury category and the suburbs are slowing due to a continued strain on inventory. Manhattan luxury listings are even scarcer than pre-pandemic levels and Westchester reached its eleventh month of year-over-year decline in new listings. In the Upper West Side, one of the last remaining single-family homes set the record for the neighborhood’s most expensive townhome of all time. The six-story, 10,000-square-foot mansion went for $26 million.
Not only is the number of listings trending down, time on the market also seems to be shrinking. One week in March averaged just 60 days, down from the prior week’s average of 221. Another trend: the return of the pied-à-terre. Contract signings throughout New York City for part-time residences were up approximately 70 percent from pre-pandemic levels.
Listings may be in short supply, but they could be getting more centralized in the next couple of months. According to The Real Deal, there are rumors that the Real Estate Board of New York’s residential listing service, Citysnap, will launch in the second quarter of 2022. REBNY is calling it the most complete inventory of residential real estate listings in New York City.”
Down in Miami, contract signings for condos fell for the first time since 2021, which we attribute to a decline in listings, similar to the trend we see in NYC. Overall, however, contract signings are nearly triple what they were before the pandemic. Miami’s inventory issues may start to see relief as we look further out, as many planned developments and redevelopments of older beach-front properties are in the pipeline.
Right here at ESPINAL | ADLER, we’re thrilled to share two new additions to our dynamic team. Wendy Phillips and Shaun Anders are experienced agents who embody the ESPINAL | ADLER spirit and share our dedication to transparency and service. Wendy joins us as an expert in Westchester and Shaun, who brings with him Lauren Nichols and Grace Baird, expands our services in NYC.
Lastly, rising interest rates nationwide are adding to the overall rush to buy. Rates were at an all-time low just two months ago, and it’s important to remember that even with the increases, they remain relatively low by historical standards. We’re here to walk you through the details no matter what your timing is for buying or selling.