More people than ever are snapping up a home in Manhattan
Apartment sales broke a 30-year record in the fourth quarter of 2021 with 3,559 closed purchases of co-ops and condos, according to a new report by Miller Samuel Inc. and Douglas Elliman Real Estate. Such property sales have only exceeded 3,000 one other time —in 2013 — since the appraiser and brokerage firm began tracking this data in 1989.
The median price of the apartments sold in the fourth quarter was $1.17 million, with 9.2% of sales above asking price — the highest since early 2018. "For the next several quarters, we're going to see above average sales activity and that is going to go a long way to bring down inventory levels," Jonathan Miller, president of Miller Samuel,
."One of the things that has differentiated the Manhattan market with the rest of the country has been that it was late to the party, and the city's boom in activity really started at the beginning of 2021." as residents came trickling back during the winter to take advantage of discounted apartments. The number of sales in Manhattan increased by 28.
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