After pandemic consumers and stingy sellers set the housing market ablaze in New York Metropolis, the tempo of contract signings has begun to sluggish.
The change, whereas not dramatic, gives a glimmer of hope to consumers who’ve been whipsawed by bidding wars for greater than a yr.
In Manhattan, agreements final month to purchase condos dropped 11 p.c from 498 a yr in the past to 445, in keeping with a report by Douglas Elliman compiled by Miller Samuel. Solely 11 one- to three-family properties went into contract, down from 21 a yr in the past.
“The market is displaying stability, versus speedy progress and exercise,” mentioned Jonathan Miller, the writer of the report.
Co-ops, however, noticed a 6 p.c improve in signed contracts, from 601 in February 2021 to 639 final month. Miller doesn’t see the rise as indicative of a pattern.
“Co-ops and condos have been bouncing backwards and forwards,” he mentioned.
Total, the numbers present the energy of final yr’s record-breaking market stays. Contract signings for co-ops and one- to three-family properties are roughly double the place they have been pre-pandemic. Rental offers are additionally sharply up over that interval.
Not all contracts result in gross sales, however signings replicate the place gross sales numbers can be within the coming months.
New listings for residences elevated from a yr in the past, including much-needed stock. New listings for co-ops have been up 15 p.c, and 31 p.c for condos.
In Brooklyn, pandemic demand for properties peaked sooner than in Manhattan, so the year-over-year comparisons present a drop.
Signed contracts for co-ops have been down 31 p.c to 117. For one- to three-family properties, offers fell 23 p.c to 128. However the 315 contract signings for condos represented a 20 p.c improve from final February’s 263.
For all three dwelling sorts mixed, the year-over-year lower was 6.5 p.c.
“Brooklyn was booming a lot earlier,” Miller mentioned. “And so it’s already been a considerable time period the place Brooklyn has seen important value progress.”
The tempo of contract signings in Brooklyn for all three dwelling sorts final month was practically triple what it was pre-pandemic.
New listings are additionally up within the borough yearly for the primary time since October. New listings for co-ops gained 21 p.c, condos 25 p.c, and one- to three-family properties 31 p.c.
“When you begin seeing value progress, you possibly can see, at the least initially, extra stock come on, as a result of sellers are drawn to the upper costs,” Miller mentioned. “And I feel that’s what Brooklyn is experiencing.”