The price jumps and shrinking inventory suggest the Manhattan real estate rebound continues to gain momentum, as more families look to trade up to larger apartments and buyers look to take advantage of lower prices and low mortgage rates. It s a sign of the frenzy and intensity of the market, said Jonathan Miller, CEO of real estate appraisal firm Miller Samuel. It s rebounding much faster than most participants expected.
There were 3,417 sales in the second quarter a 150% gain from last year, when many New York residents were leaving the city during the coronavirus pandemic, and Covid restrictions prevented apartments from being shown for much of the quarter. However, the pace was also robust compared with pre-pandemic levels. It was the strongest second quarter since 2007, according to Miller Samuel. Bidding wars were at the highest pace in 2½ years.
The price jumps and shrinking inventory suggest the Manhattan real estate rebound continues to gain momentum, as more families look to trade up to larger apartments and buyers look to take advantage of lower prices and low mortgage rates. It s a sign of the frenzy and intensity of the market, said Jonathan Miller, CEO of real estate appraisal firm Miller Samuel. It s rebounding much faster than most participants expected.
There were 3,417 sales in the second quarter a 150% gain from last year, when many New York residents were leaving the city during the coronavirus pandemic, and Covid restrictions prevented apartments from being shown for much of the quarter. However, the pace was also robust compared with pre-pandemic levels. It was the strongest second quarter since 2007, according to Miller Samuel. Bidding wars were at the highest pace in 2½ years.
Manhattan Real Estate Finally Bounces Back to Normal
The volume of sales surges back to pre-pandemic levels, but prices are up just slightly.
“A year-and-a-half after the pandemic began, it’s safe to say that New York City has its mojo back,” said Pamela Liebman, the president and chief executive of the Corcoran Group.Credit.Katherine Marks for The New York Times
July 2, 2021, 12:01 a.m. ET
As vaccination levels rise and businesses reopen, residential real estate has finally bounced back to where it was before Covid devastated New York.
In Manhattan this spring, the number of apartments that sold was more than double what it was a year ago, when the city was locked down in the early days of the pandemic, according to a half dozen market reports released Thursday.
The price jumps and shrinking inventory suggest the Manhattan real estate rebound continues to gain momentum, as more families look to trade up to larger apartments and buyers look to take advantage of lower prices and low mortgage rates. It s a sign of the frenzy and intensity of the market, said Jonathan Miller, CEO of real estate appraisal firm Miller Samuel. It s rebounding much faster than most participants expected.
There were 3,417 sales in the second quarter a 150% gain from last year, when many New York residents were leaving the city during the coronavirus pandemic, and Covid restrictions prevented apartments from being shown for much of the quarter. However, the pace was also robust compared with pre-pandemic levels. It was the strongest second quarter since 2007, according to Miller Samuel. Bidding wars were at the highest pace in 2½ years.
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