Source: Compiled from the Elliman Reports 2nd Quarter 2021 Highlights and Press Release
The market approached robust conditions with rising prices, surging sales and more bidding wars.
The Manhattan market approached robust conditions with rising prices, surging sales and more bidding wars. Median sales price rose to its highest level in eight quarters, the sixth-highest result in thirty-two years. The number of sales surged to its highest quarterly total in six years as cash buyers returned. The market share of bidding wars rose to normal levels but was the highest observed in two and a half years. Resale median sales price rose to the highest on record since tracking began in 2003. The number of co-op sales surged annually at the highest rate in more than eleven years. The year over year surge in condo sales overpowered listing inventory gains, making the market pace much faster. Luxury listing inventory rose year over year at approximately one third the rate of non-luxury supply. The number of new development sales surged at the highest year over year rate in more than seventeen years of tracking. There were the most new development sales above the $3 million threshold in two years.
See full Elliman Report Q2-2021 Manhattan Sales