Luxurious-Residence Gross sales in New York and Hamptons Slowed in February, however Nonetheless Outperformed Pre-Pandemic Ranges

Luxurious actual property offers in New York Metropolis and the Hamptons proceed to outperform pre-pandemic ranges, however signed contracts slipped in February as a result of the variety of new listings, notably for homes, couldn’t meet the relentless demand.

In Manhattan, the overall contracts signed for condos and one- to- three-family properties decreased, whereas co-ops noticed a 6.3% enhance in comparison with February 2021 with 639 contracts signed, based on a slew of information from brokerage Douglas Elliman on Thursday. Of the 639 contracts, 125 of them have been for properties priced at $4 million and above.

There have been 445 condominium contracts signed, down 10.6% from final yr, and 11 contracts for one- to three-family properties, down virtually 50%.

“Co-ops and one- to- three-family new signed contracts are roughly double pre-pandemic ranges, and condos are up sharply over the identical interval,” the report famous.

Whole condominium listings confirmed a rise of 30.8% in comparison with February of final yr, adopted by 15.1% extra co-op listings and a 25% lower in one- to- three-family house listings. 

Brooklyn noticed a rise in contracts signed for condos and reduce in contracts signed for co-ops and one- to three-family properties, amounting to a complete of 560 contracts signed in February. 

There have been a complete of 315 contracts signed for condos in Brooklyn, up virtually 20% from final yr. Luxurious condominium contracts in Brooklyn at $4 million and above didn’t solely surpass the numbers from February 2021, but additionally recorded a rise from this January. 

“In mixture, all three property varieties are seeing almost triple the brand new signed contract ranges of the pre-pandemic period. Furthermore, on an annual foundation, new listings are up yearly for the primary time since October,” the report stated. 

New listings in Brooklyn for co-ops elevated by 21.3%; condos by 24.9% and one- to three-family properties by 31.1%.

Within the Hamptons, there have been 113 contracts signed in February. The realm recorded a basic lower within the variety of contracts signed in comparison with February 2021 with a forty five.5% lower for single-family properties and a 28.6% lower for condos.

Listings for single-family properties within the Hamptons stayed roughly the identical as a yr in the past, and the listings for condos elevated by 33.3%.

“New listings didn’t decline yearly for the primary time since Could, leading to 9 consecutive months of yr over yr declines in newly signed contracts,” the report stated.