Blocks & Lots

January Report: New Development Market Activity Normalizing as Prices Rise

Condo contract activity matches pre-pandemic levels, but prices are increasing.

New York City’s new developments reported 313 sponsor contracts in January 2022, representing a 13% decrease from the month prior yet comparable to the 320 deals reported in January 2020 (pre-pandemic). This trend is also evident when analyzing market performance in the individual boroughs. Manhattan, Brooklyn and Queens all saw nearly identical contract activity in the first month of 2022 against that of 2020.

While there was an 8% decrease in median price per square foot and a 12% decrease in median unit price against December 2021, the year-over-year analysis paints a different picture. January 2022 saw a 16% increase in median price per square foot and a 31% increase in median unit price when compared with the same period pre-pandemic.

Read the complete report analyzing market performance in Manhattan, Brooklyn and Queens according to key metrics: contract volume, aggregate dollar volume of contracts, median price per square foot, and top contracts, closings, and buildings.