Welcome to the John and Jonathan Sell NYC Podcast, where experienced, expert NYC real estate brokers John Gasdaska and Jonathan Conlon break down what’s happening in the market, what you need to know whether you’re a buyer, seller, or agent, and their insight into the future, with a little bit of fun along the way.
2020 was unprecedented and had a profound effect on the real estate market in Manhattan. In this episode, we’re sharing our Q4 2020 analysis.
At the end of what has been a tumultuous and unprecedented year, we finally have some good news to share: since the reopening of Manhattan, the residential real estate market is improving well, especially during Q4. Not all the news is perfect, but overall we are happy to say that the majority of the Q4 2020 report is favorable.
Signed contracts were up 8% in Q4 2020 when compared to Q4 2019, and up 43% versus Q3 2020. Additionally, closed sales experienced a quarterly increase for the first time since the Covid-19 pandemic began, up 18% when compared to Q3 2020. This increase in sales during a traditionally slower time of year is thanks to a few different factors - low interest rates, pent-up demand, and negotiability (though not on all properties).
These are the same factors that have driven the recovery so far, but the continued increase in activity leaves us hopeful for 2021 and beyond. The market is stabilizing, and it will be interesting to see where 2021 takes us.
If you take a look at the market through the lens of bedrooms, some interesting but expected trends reveal themselves. Studios have become a smaller part of the market overall, and move slower than in previous years (a 34% increase in days on market YOY during Q4 2020). This, balanced with the higher prices on larger units, further solidifies the $2M-$3M (and likely 2 Bedroom) units as the least influenced by the ups and downs of 2020.
While we saw a dramatic increase in listings during Q3 2020, that trend did not continue for Q4. With only a 4% change when compared to Q3 2020, Q4's inventory seems to be somewhat stabilizing - for now. With that being said, it is still important to note that this is the largest volume of units we've seen on the market since 2008, when inventory was 10,217. Most of the increases between Q3 and Q4 were due to resale co-op (5% increase) and resale condo (4% increase), while new developments actually dipped slightly (down 1%).
While the market can be hard to predict, and both buying and selling properties can be challenging, our team has the experience, passion, and knowledge needed to help you find exactly what you need.
We don't just keep our finger on the pulse of the real estate market, we live it day in and day out.
If you have any questions about the market, what the future could hold for your property, or just want to know some more about that listing down the street, feel free to give us a call.
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ABOUT THE GASDASKA CONLON TEAM
As one of the top-performing teams at Corcoran, The Gasdaska Conlon Team has seen success, but none of that matters without our clients. We treat every person we work with like we would treat our own family, and it shows. John Gasdaska and Jonathan Conlon are expert,
