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Real Estate
NYC reaching
sales heights
BY EMILY
DAVENPORT
A new report shows
that New York
City is getting a
head start on the spring
home shopping season.
According to Street-
Easy.com, the number of
homes going into contract
in February in New York
City reached near record
highs in all of the boroughs
analyzed. This year, home
prices fell dramatically
compared to what they
were in 2020 before the
pandemic.
“We’re now a year
into the pandemic, and for
many buyers, it’s been a
year of window shopping
and waiting for the right
time to make a move on
a home,” said StreetEasy
Economist Nancy Wu.
“With prices coming
down, an abundance of
homes for sale, the vaccine
rollout picking up speed,
and the real chance that
mortgage rates are only
going to increase, buyers
have declared that now is
the time to make an offer.”
In Manhattan, 1,304
homes went into contract
in February 2021, the
PHOTO VIA GETTY IMAGES
most in one month in eight
years and up 70.7% since
February 2020. The median
asking price dropped
to 1,395,000, with fewer
sellers making price cuts to
homes sitting on the market
— the share of price cuts
dropped 8.6% in total.
The number of homes
for sale in Manhattan was
23.9% higher in February
2021 compared to February
2020. While total inventory
peaked in October 2020, it
remains signifi cantly higher
than what is typically expected
in New York City
during the winter months.
In Brooklyn, the price
index dropped 5.5% last
month, the largest in StreetEasy’s
data. Regardless,
the month saw 773 pending
sales, nearly matching October
2020’s high of 774 sales,
with a median asking price
of $900,000, the lowest
since 2015. The number of
contracts signed in Brooklyn
was just below record
highs, showing demand for
the area. Williamsburg and
Greenpoint had 80 homes
enter contract, which is up
from 44 in February 2020.
Read the full report at
streeteasy.com.
Schneps Media March 25, 2021 17
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/streeteasy.com
link
link
