In one more recovery urge, the third quarter has recorded more apartment sales than the last three decades in the Manhattan real estate market. Brooklyn and Queens also set long-time records.
According to new market reports, the end of the quarter recorded sales in three times higher than the same period in 2020 and over 76 percent more than in 2019, with sales volume topping $9.5 billion. The median sales price was $1,115,000, up to 1.4 percent from 2020 and 8.8 percent from 2019. The closed sales of condos and co-ops (with mostly one bedroom for a median price of $800,000) were 4,523, also exceeding previous records set.
Although the recovery phase is far from over, with inventory reporting 17 percent more than the 10-year average for third quarters and over seven thousand active listings, bidding wars are back, with all-cash offers occupying over 48 percent of sales. Sellers registered small discount numbers also, with an average of 2.6 percent off the asking price, and sale prices have exceeded prepandemic levels, giving already one more sign that the market is not just back, but here to stay and keep rising.
Brooklyn and Queens are not out of the picture. Both areas set, respectively, 15 and 12-year records. Sales in Brooklyn were up 169 percent, with the median sales price rising to $928,500. Meanwhile, in Queens, the median sales price hit $689,750. According to reports, both boroughs maintain a low inventory status.
