{April 2021} Prices Are Recovering

April is typically one of the busiest months for the New York real estate market.  While bidding wars have been commonplace in Brooklyn for a while now, they are starting to pick up in Manhattan, especially in the lower price point.  I’m selling two condo studios in Chelsea, both of which recently went into a bidding war and were won by all cash investors.  The investors, who have been absent, are making their way back.  Typically, we have about 2000 new listings hit the market and about 1000 go into contract in April each year.  This year, we have just about 2200 new listings, but almost 1700 listings in contract.  As a result, our total inventory declined significantly.  For sale inventory declined steadily from the peak of 20 months reached in October 2020 to 14 months this April.  Still high, but we have come a long way.  Prices are also recovering.  The April $/sqft is about 5% higher than the median $/sqft of 2020.  Judging from my two studio sales, prices are quickly approaching 2017 levels.  Once the recovery begins, it happens so quickly.

Tribeca is one of the most expensive neighborhoods in Manhattan.  Williamsburg is one of the most expensive neighborhoods in Brooklyn.  What it’s like to live there?  Here is a fun story about these two neighborhoods told directly from a recent transplant to NYC.

---