The Covid-19 pandemic does not seem to have slowed down Manhattan’s luxury real estate sector: according to a report by Corcoran, the sector saw record sales in August 2021, marking a major turning point for luxury real estate.
Corcoran’s report reveals that properties over $5 million and new developments had their best August since 2007.
In terms of contracts signed, August 2021 saw a total of 1,228 contracts signed for properties in Manhattan. This is the best August on record, in terms of contracts signed.
Buyers signed contracts for 77 properties worth $5 million or more. The report reveals that this is once again the best performance for luxury real estate for the month of August.
Similarly, in terms of contracts signed for projects under development in Manhattan, there were an estimated 205 contracts signed for projects under development.
Condominium sales set a record for sales, surpassing the last record set in 2015.
The average price per square foot in Manhattan has not been this high since June 2020, estimated at $3,253.
“Year-over-year, signed contracts are up 77%, but September will be the real month to watch in terms of annual percentage change,” said Pam Liebman, President and CEO of Corcoran.
It remains to be seen whether September will continue this trend.
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Featured photo : © Barnes New York
