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November 2021 saw 3.1% more contracts signed than the previous month with a total of 1,310 contracts signed across the city. The historical average of contracts signed in November is around 839 so clearly there was a huge uptick in buyer activity. People are going back to the offices, the international buyer is active again and lots of new yorkers who left are coming back home. Although news of covid variants are impacting the stock markets around the world it does not seem to be slowing down buyers or affecting our local market.
1,156 new apartments enter the market in November representing a 35.4% drop from October's new listing supply. During the holiday season, homeowners typically hold off on listing their apartments and come on the market later in Q1. It is standard to see a drop in new supply around this time of the year.
This chart gives us a real time pulse on how much sellers negotiated to go into contract in November. 3.6% is the discount given to buyers from the last asking price. As we've progressed through the year negotiations have been slimming down but keep in mind this chart is reflective on ALL of Manhattan. There are pockets were there are bidding wars and other pockets where sellers have to negotiate more.
The data may show it's a seller's market but not by much at this time. My guess is that we will see an upward slant on the tail end of this chart in December which will signify a stronger sellers market as we go into Q1 2022.
If you would like to see any other information or have thoughts of selling or buying please reach out!