REPORT: DECEMBER 2021 WAS A HOT MONTH FOR NYC NEW DEVELOPMENTS

CONDO CONTRACTS SOARED 65% ABOVE THE SAME PERIOD PRE-PANDEMIC

2021 was a record-setting year for New York City’s new developments and December was the icing on the cake. 341 sponsor condo contracts were reported, marking a 44% increase from 2020 and a remarkable 65% increase from 2019 (pre-pandemic). Manhattan saw the most significant jump, with a nearly 90% increase year over year.

This strong performance also accounts for a typical holiday slump that was potentially amplified by the Omicron surge, which brought restrictions back to New York City around the holidays. The market saw a 15% decrease in contracts reported between December and November 2021.

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.

marketproof December 2021 report