Report: Manhattan actual property posts document gross sales in 2021

Individuals tour the views of New Jersey and the Manhattan Skyline at Edge sky deck in Hudson Yards in New York Metropolis on March 11, 2020. A brand new report stated Manhattan actual property loved its greatest yr ever in 2021. File Picture by John Angelillo/UPI | License Picture

Jan. 4 (UPI) — The Manhattan actual property market, with a number of the costliest properties within the nation, loved its greatest yr on document final yr with $30 billion in gross sales, in line with a brand new actual property report by Corcoran launched Tuesday.

The report stated greater than 16,000 contracts have been signed for actual property within the heartbeat of New York Metropolis, which additionally established a document. That Manhattan rally appears extra outstanding taking place through the coronavirus pandemic.

“In what can solely be described as a monumental comeback, Manhattan is experiencing one of many biggest actual property markets ever,” Pamela Liebman, Corcoran president and CEO, stated in an announcement. “The fourth quarter alone was one of many strongest on document, with a 47% annual rise in contracts signed, an 89% improve in closings, and $8 billion in gross sales quantity.”

The report stated the 15,600 closings on the island have been probably the most since 2008. The resale of condos and luxurious gross sales topped $5 million, beating the earlier document set in 2013. Diminished costs, traditionally low rates of interest and the necessity for extra space seem to have fueled the gross sales.

“Whereas the market continues to favor sellers with rising costs and diminishing stock, we’re nonetheless seeing patrons make the most of low-cost cash earlier than any rate of interest hikes in 2022,” Liebman stated. “Confidence in Manhattan’s resiliency, largely led by the excessive share of vaccinated New Yorkers, is propelling us into 2022 with highly effective momentum.”

Earlier than 2021, Manhattan costs had been in a five-year decline. Within the fourth quarter, the worth rose from 5-9%, with median value matching its second-quarter 2021 record-high of $1.2 million. The common value and value per sq. foot statistics additionally returned to 2018 and 2019 ranges.

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