Early September usually ushers in the demand doldrums for Manhattan home sales….But not this year!
Families that spent the summer house-hunting have either closed by Labor Day or shelved their search for the school year. With fewer buyers looking and signing, listings dip, too.
New listings for Manhattan homes hit 723 last week, 30 percent above the period’s five-year average, according to a report released by the real estate analytics site UrbanDigs.
The surge is an extension of August’s steamy sales market, which brokers say could continue into the fall as employers that had pushed return-to-work dates finally pull the trigger.
UrbanDigs found homebuyers signed 1,187 contracts in August — 40 percent above the pre-pandemic ten-year average. On the ground, 72 percent of 12,000 real estate agents surveyed said August 2021 was busier than normal if not the busiest August they had ever experienced.
September was initially slotted as the unofficial return date for office workers. As Covid cases crept up through the summer, that deadline has been pushed. The stretched timeline could see employees returning to the office and the city’s housing market through the end of 2021.
As of Aug. 25, just 23 percent of Manhattan office workers were back in cubicles, with 40 percent expected to return by Sept. 30, according to data collected by Partnership for New York City. That’s down from the 60 percent projected at the beginning of summer. However, by the new year, employers expect 76 percent of employees will have returned. You can read more.
September is off to a very strong start. Limited inventory is still a challenge for buyers. We are bringing some wonderful property to market and will continue to keep you updated on how the real estate market responds.