Market Update - October 2021

CONDO SALES SURGE

COOP SALES CONTINUE TO THRIVE

CONDO SIGNED CONTRACT

1-2M up 120% YOY (from Sept 20)
2-4M up 183% YOY
4-5M up 600% YOY
5-10M up 242% YOY

COOP SIGNED CONTRACTS

1-2M up 36% (from Sept 2020)
2-4M up 19%
4-5M up 250%
5-10M up 400%

NEW LISTINGS

Coops down 48% YOY
Condos down 37% YOY
Coops down 35% MOM (from Aug 2021)
Condos down 11% MOM

We stand by our projections and the fall market is indeed proving to be both healthy and tightening. Signed contracts in the condo sphere are up an average of 285% from Sept of last year. In the 2-4M condo range alone that translated to a total of 139 signed contracts—-that is a significant number. The coop market continues to thrive, with consistent increases in the 1-4M pricepoints but a whopping 250% jump in the 4-5M range—400% in the 5-10M Range.

Furthermore, an interesting metric to consider is that the amount of contracts signed for EVERY CATEGORY ABOVE was at least the same number of contracts (or slightly higher) than the prior month of August. This shows that the market is not just healthy, it is GATHERING SPEED. The fall market is indeed bringing with it higher pricing, faster absorption, and lesser discounts. We have witnessed this firsthand having experienced no fewer than 6 bidding wars over the last few weeks.

Lastly, inventory is shrinking. Both coop and condo inventory are down YOY, and even moreso both inventories are even down from just the prior month of August. Less Inventory + More Demand means sellers are gaining leverage as the Covid discounts dissipate.