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Manhattan real estate sales hit a record $7.3 billion in the first quarter

Residential sales in Manhattan hit a record $7.3 billion in the first three months of this year as the market continues to roar back from the coronavirus pandemic.

In the first quarter, the county saw 3,585 sales, up 45.9% year-on-year and 48.9% from pre-pandemic levels.

The number of sales was the highest ever, according to a report co-authored by Miller Samuel and Douglas Elliman.

The median price of an apartment in Manhattan rose 19% to $2,042,113 compared to the first quarter of last year.

Demand in the city remains red hot as supply has fallen 4.4% to 6,906 for the third straight quarter.

Months to ship — the number of months it takes to sell all listing inventory at the current selling price — was 5.8 months, up 34.1% year-on-year and up 23% in the same period before the pandemic hit .7% faster.

According to the study, this was the third consecutive quarter in which record sales were reported.

Manhattan skyscrapers
The median price of an apartment in Manhattan rose 19% to $2,042,113 compared to the first quarter of last year.
Getty Images

The report also noted that the median selling price rose 10.7% year over year.

While property owners have benefited, tenants renting co-ops and condos have seen rents soar across the city since the pandemic began.

In the 12 months since January of last year, rents in the city have risen 33%, nearly double the national average and the highest increase among America’s largest cities. That emerges from a study cited by the New York Times.

Just before the pandemic, the average rental price across the city was $2,900. In the first year of the pandemic, rents fell by around 14%.

Manhattan skyscrapers
Manhattan’s real estate market has been in turmoil since the early days of the coronavirus pandemic.
Getty Images

Last January, median rents rose again to $2,895.

The sharpest swings have been in some of the city’s most affluent neighborhoods, including Brooklyn’s Williamsburg neighborhood and the Upper West Side.

The median rent in these areas fell by around 20% between January 2020 and January 2021.

https://nypost.com/2022/04/05/manhattan-real-estate-sales-hit-record-7-3b-in-first-quarter/ Manhattan real estate sales hit a record $7.3 billion in the first quarter

DUSTIN JONES

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