September is usually when we usually start to see a slowing down of home buyer activity in Manhattan. The summer house-hunting season is over and buyer demand tends to drop this time of year heading into the colder fall and winter months.
Strong Market Activity
2021 is not your typical year, though. Buyer demand is not slowing down and seller activity is also on the rise. The week after Labor Day, we saw 723 new listings in Manhattan, which is 30% higher than the period’s five-year average. These numbers are quite a departure from what we’ve grown accustomed to seeing most Septembers.
Experts say this burst of real estate activity in September is an extension of a very hot spring and summer markets. There were 1,187 contracts signed by home buyers in August. This represents 40% more than the pre-pandemic average over the previous 10 years. It was one of the busiest Augusts that we can ever remember as Manhattan real estate brokers.
NYC is Back Open for Business
This real estate activity also coincides with the city opening up more and more. Broadway is back, restaurants are open and employees are slowly but surely returning to their offices. Rising Covid numbers as a result of the Delta variant have delayed some workplace returns, but the expectation is that approximately 40% of workers will be back in offices by the end of this month and somewhere around 76% will be back by the end of the year. We still have a long way to go to get through this pandemic, but we’re moving in the right direction in NYC thanks to a smart and steady reopening plan.
We couldn’t be happier to see the city coming back to life. We’re seeing more people everywhere we go. Businesses are rebounding. The arts, culture and entertainment scenes are gaining steam. And, of course, the Manhattan real estate market is booming. Buyers are coming back to the city in droves while sellers are taking advantage of strong market conditions with prices steadily rising.
New York City might have its rough real estate periods from time to time. 2019 and early 2020 were difficult. Late 2020 and 2021 have shown that you can’t keep the best city in the world down for too long. This will always be one of the most desirable places to live and the recent real estate sales data proves it!
When you have market conditions like these, it is very important to be prepared, have a strong plan and make smart decisions throughout your home buying or selling journey. Things are moving fast right now. Both buyers and sellers will benefit from proper planning. As a buyer, you will want to get your finances in order. This way, you can be ready to make attractive offers when you find the home you want. Sellers are looking for buyers who present less financial risk, so you have to do what you can to stand out from your competition.
Likewise, sellers also have to be savvy. You can’t just put your property on the market without proper planning, staging and marketing. It’s a seller’s market. However, inventory is going up and buyers aren’t as desperate as you think. Smart home selling preparation will ensure you attract more potential buyers, get better offers and enjoy a smoother closing experience.
If you are thinking about buying or selling a home in Manhattan, contact us today for an introductory real estate consultation. Let us help you make the decisions in today’s exciting NYC market.