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.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).