The era of pandemic pricing and oversupply in Manhattan’s residential sales market has ended, according to a report from Douglas Elliman.
By the end of 2021, there were 6,207 apartments on the market—a 25% drop from the 8,277 listed for sale in 2020. That’s the biggest annual decrease in inventory in seven years, said the report’s author, Jonathan Miller of Miller Samuel.
Skyrocketing demand for apartments from buyers eager to return to the city pushed pandemic discounts down from 7% to nearly 6% and increased prices by about 5% to an average of $1.9 million, according to the data.
Sales volume is also down thanks to limited inventory,
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