First-quarter Manhattan residential sales, including co-ops and condominiums, exceeded the year-ago total for the first time in four quarters, according to Miller Samuel’s latest report. Prepared for Douglas Elliman Real Estate, the report also charted declines in both median prices and luxury price trend indicators, as listing inventory trended toward smaller apartments.
“After many wrote off the future of cities as doomed, leaving markets like Manhattan with only a handful of residents, consumers opted to return in short order,” wrote Miller Samuel’s Jonathan Miller. “Sales were up year over year as consumers were pulled in by lower prices and lower mortgage rates in addition to growing evidence of a safer city as the implementation of COVID-19 vaccinations has accelerated faster than expected.
“It is more accurate to describe the market as ‘recovering’ rather than ‘recovered’ and 2021 is expected to illustrate this continuing improvement in housing conditions,” he added.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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