NYC Condo and Co-op Sales Post Sharp Year-Over-Year Drops
Sales of residential condominium and co-op units in New York City posted sharp annual declines in October, judging by a couple of new reports. Appraisal firm Miller Samuel’s reports for Douglas Elliman noted double-digit year-over-year declines in both new signed contracts and new listings for Manhattan and Brooklyn, reaching as high as an average 60% for Manhattan condos going under contract. All posted monthly declines as well.
However, the reports’ author, Jonathan Miller, cautioned against making too much of Y-O-Y declines, given the abnormally low mortgage rates a year ago. “2021 was a rocket ship for the housing market, so comparisons against the same period last year, while technically accurate, present a more extreme downturn than actually occurred,” he wrote.
Marketproof reported that new development sales activity citywide dropped 20% monthly in October and 55% Y-O-Y. Although 2021 was “an anomalous year,” the firm reported a 36% dip compared to pre-pandemic October 2019.
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