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BONDREPORT QTR 1 2021 BONDREPORT QTR 1 2021

WELCOME TO THE 30TH EDITION OF THE BOND REPORT A year into the pandemic that rocked our and the world, the City real estate market seems to be responding with a resounding boom --at least in regards to the frenzied number of contracts signed this quarter. As of the publication date of this report, we have seen 4,000 transactions market wide and they continue to rise. We haven’t seen anything even close to that kind of activity since May of 2013 and even then, we didn’t cross the 4,000 threshold. The number of contracts signed is up over 60% compared to last year!

Is this the recovery the real estate market has been waiting for? It depends on how you measure recovery. It’s hard to frame anything outside of COVID-19, but the real estate market had been trending towards the bottom before the pandemic hit and while New York was getting hit the hardest from COVID-19, the real estate market was bottoming out. Whether the pandemic accelerated that process or if it was the end of where the market was already heading, is hard to say. And whether its road to recovery is because of the city’s lower COVID-19 cases or the inevitable cycle of the market going back up is also hard to say. Cause and effect aside, people are buying. Also, as of right now, there are to buy.

The end of Quarter 4, 2020 saw a record number of available apartments and while Quarter 1, 2021 saw a consistent drop in those numbers, available inventory is still up 21.1% compared to this time last year. This means eager buyers still have plenty of options from which to choose. It also means we aren’t seeing any dramatic increases in prices yet. The impact of this quarter‘s increase in pending sales on the market‘s price action won’t be available for at least another quarter as those contracts close.

As lovers of our great city, the active market means more than just real estate business. It’s also a sign that New York is not “dead”, but in, in fact, alive and well. Spring is here; the vaccine roll out is in full effect; the sidewalk cafes are full; and tourists are starting to reappear in Central . All of these are indicators that we could soon be on the other side of this.

As always, we are eager to answer all of your questions regarding your real estate needs. Our BOND agents are here to guide you through the ever-changing market and provide you with expert market knowledge along with extraordinary service.

We look forward to assisting you.

All source material for the BOND Report is provided by Urban Digs, Online Residential (OLR), and BOND New York’s proprietary listings database. This material is believed to be accurate, however is subject to errors and omissions.

© 2021 BOND New York. All material presented herein is intended for information purposes only. While information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawals without notice. All property information, including but not limited to, square footage and number of , is approximate. Exact measurements should be verified by your own attorney, architect, engineer, or expert. BOND New York is a broker that supports Equal Housing Opportunity.

BONDNEWYORK.COM BONDBONDREPORTREPORT QTR 1 2021 Market Trends March 2020 - March 2021 MARKET OVERVIEW Pending Sales +57.5% and Active Listings +16.4%

While the BOND Report presents a traditional historical snapshot of the market, we first present two charts indicating pending sales (all listings in contract) versus active listings (all available inventory) for year-over-year and within Quarter 1, 2021. The data compares sales volume amidst real-time inventory trends and offers the best indication of the current state of the market. It also informs us of where the market is heading.

Marketwide, pending sales were up 57.5% compared to this time last year and up

32.3% since the start of the quarter. The increases since last year and within the quarter continue to point to a continued recovery of the real estate market since the pandemic began. Within Quarter 1, 2021, PR OT E E pending sales started the year at 3,051 and Pending Sales: +57.5% Active Listings: +16.4% steadily increased throughout the quarter to 4,116. The number of pending sales in the new and recent development market Market Trends Within Quarter 1, 2021 were up by 45.15% and up 59.2% in the Pending Sales +32.3% and Active Listings -4.0% existing resale market from last year. 8500

Marketwide, supply was up 16.4% 7500 compared to this time last year but down 6500 slightly by 4.0% since the start of Quarter 1, 2021. After the peak number of listings 5500 available marketwide in Quarter 4, 2020, 4500 the year started at 7,327 listings on the marketwide and remained relatively flat 3500 throughout the Quarter 1,2021, finishing 2500 at 7,039. The number of active listings in 1500 the new and recent development market sector was down a more dramatic 17.5% 500 compared to this time last year, but up JAN FEB MAR 23.5% in the existing resale market. Pending Sales: +32.3% Active Listings: -4.0%

MONTHLY CONTRACT ACTIVITY NEW & RECENT DEV MARKET EXISTING RESALE MARKET

19.2% FROM LAST MONTH PENDING SALES 45.1% FROM LAST YEAR PENDING SALES 59.2% FROM LAST YEAR

ACTIVE LISTINGS 17.5% FROM LAST YEAR ACTIVE LISTINGS 23.5% FROM LAST YEAR 31.0% FROM LAST YEAR

BONDNEWYORK.COM Source: UrbanDigs.com Percentages are rounded. BONDREPORT QTR 1 2021

QTR 1 2021 % CHG (QTR) QTR 4 2020 % CHG (YR) QTR 1 2020 Properties Sold 2,239 +35.45% 1,653 -8.72% 2,453 Pending Sales 4,116 +40.67% 2,926 +60.59% 2,563 Avg Price $1,821,193 +4.66% $1,740,085 -3.34% $1,884,073 Median Price $1,100,000 +10.11% $999,000 +3.29% $1,065,000 Avg Price Per Sq Ft $1,418 +1.76% $1,394 -6.53% $1,517

Days on Market March 2020 - March 2021

LOOKING BACK In Quarter 1, 2021 the average sales price marketwide was $1,821,193, up 4.66% quarter-over-quarter and down 3.34%

year-over-year. The median sales price

marketwide for Quarter 1, 2021 was $1,100,000, up 10.11% quarter-over- PR OT E E quarter and up 3.29% year-over-year.

The median number of days a property stayed on the market was up 44.2% Days on Market Within Quarter 1, 2021 since the start of the year. Marketwide, 120 the median number of days a property stayed on the market, started the year at 100 78 days and steadily increased throughout 80 the quarter to finish at 111 days at the

end of Quarter 1, 2021. The median days 60 a property stayed on the market showed almost no change compared to this time 40 last year with a 2.8% increase. We saw 20 the largest decrease in median days on the market in the fall of 2020 before slowing 0 APR MAY JUN down in January, February and March. This JAN FEB MAR is typical of this time of year and on trend with pre-pandemic years.

Source: UrbanDigs.com BONDNEWYORK.COM Percentages are rounded. BONDREPORT QTR 1 2021 BOND HEAT INDEX CHANGE IN PENDING SALES WITHIN 1ST QUARTER 2021

INWOOD/WASHINGTON HEIGHTS HAMILTON HEIGHTS +51.9% -13.3%

EAST MORNINGSIDE HEIGHTS/HARLEM +12.5% +23.9% UPPER +28.4%

UPPER +41.3% MIDTOWN EAST/CENTER +46.3%

MURRAY HILL +56.0% +77.8% KIPS BAY CHELSEA +25.9% +27.3% GRAMERCY/FLATIRON +44.4%

WEST VILLAGE +24.0% +21.0% EAST VILLAGE SOHO +19.2% +32.1% +16.7% +31.3% +23.1%

BATTERY PARK CITY FINANCIAL DISTRICT/CIVIC CENTER +8.0% +18.1%

For a more in-depth analysis of your neighborhood, contact your BOND agent today.

BONDNEWYORK.COM BONDREPORT QTR 1 2021

A CLOSER LOOK The neighborhoods that showed the largest increase in pending sales for Quarter 1, 2021 were Midtown South, Murray Hill and Inwood/Washington Heights. The re-supply pace for Midtown South was -11, the re-supply pace for Murray Hill was 18, and the re-supply pace for Inwood/Washington Heights was 1. The neighborhoods that showed the smallest increase in pendings sales for Quarter 1, 2021 were Hamilton Heights, and . The re-supply pace for Hamilton Heights was 2, the re-supply pace for Battery Park City was 10 and the re-supply pace for East Harlem was 12.

LARGEST INCREASE SMALLEST INCREASE

MIDTOWN SOUTH HAMILTON HEIGHTS Days on Market...... 108 Days on Market...... 151 Pending Sales ...... 32 Pending Sales ...... 13 Active Listings...... 52 Active Listings...... 40 Re-Supply Pace...... -11 Re-Supply Pace...... 2

MURRAY HILL BATTERY PARK CITY Days on Market...... 109 Days on Market...... 116 Pending Sales ...... 142 Pending Sales ...... 27 Active Listings...... 271 Active Listings...... 79 Re-Supply Pace...... 18 Re-Supply Pace...... 10

INWOOD/WASHINGTON HEIGHTS EAST HARLEM Days on Market...... 142 Days on Market...... 130 Pending Sales ...... 20 Pending Sales ...... 27 Active Listings...... 40 Active Listings...... 68 Re-Supply Pace...... 1 Re-Supply Pace...... 12

BONDNEWYORK.COM BONDREPORT QTR 1 2021 MARKET SNAPSHOT

CLOSED SALES CLOSED SALES BY SIZE BY SIZE YEAR-OVER-YEAR QUARTER-OVER-QUARTER

50% 50% 40% 40%

30% 30%

20% 20%

10% Q1 2020 10% QTR 4 2020 Q1 2021 Q1 2021 0% 0% 1 BEDS 2 BEDS 3+ BEDS STUDIOS 1 BEDS 2 BEDS 3+ BEDS

CLOSED SALES CLOSED SALES BY PROPERTY TYPE BY PROPERTY TYPE YEAR-OVER-YEAR QUARTER-OVER-QUARTER

QUARTER 1 2021 QUARTER 1 2020 QUARTER 1 2021 QUARTER 4 2020 57% 57% 57% 51% 43% 43% 43% 49%

CO-OP CONDO CO-OP CONDO CO-OP CONDO CO-OP CONDO

Source: UrbanDigs.com Percentages are rounded.

BONDNEWYORK.COM BONDREPORT QTR 1 2021 MARKET SNAPSHOT

CLOSED SALES BY MEDIAN LISTING DISCOUNT PRICE CATEGORY FROM LAST YEAR UP 36% 35% 34% 29% 27% 26% 15.9% 15% 14% 13% 11% 10% 10% 9% 7% 7% 6% 6% 4%

QTR 1 2021 QTR 4 2020 QTR 1 2020

$0 - $500K $500K - $1M $1M - $2M $2M - $3M $3M - $5M $5M+

MONTHLY CONTRACT MONTHLY NEW SUPPLY ACTIVITY BY SIZE SHARE BY SIZE

STUDIOS 1 BEDS 35%

30% 10% 35% 25% 20%

15%

10%

33% 5% 2 BEDS 22% 0% STUDIOS 1 BEDS 2 BEDS 3+ BEDS 3+ BEDS

Source: UrbanDigs.com Percentages are rounded.

BONDNEWYORK.COM BONDREPORT QTR 1 2021 CONDO MARKET MATRIX QTR 1 2021 % CHG (QTR) QTR 4 2020 % CHG (YR) QTR 1 2020 Avg Price $2,384,281 -2.56% $2,446,857 -5.72% $2,528,809 Median Price $1,550,000 -3.13% $1,600,000 0.00% $1,550,000 Avg Price Per Sq Ft $1,606 +3.93% $1,545 -5.26% $1,695 (median) $625,000 +13.64% $550,000 -3.85% $650,000 1 (median) $935,000 -4.98% $984,000 -6.03% $995,000 2 Bedroom (median) $1,800,000 0.00% $1,800,000 -5.76% $1,910,000 3+ Bedroom (median) $3,230,000 +5.56% $3,060,000 -8.28% $3,521,587

Condo March 2020 - March 2021 CONDO SALES Pending Sales +64.3% and Active Listings +8.2%

The average condo price for Quarter 1, 2021 was $2,384,281, down slightly from Quarter 4, 2020 by 2.56% and year-over-year by 5.72%. The median condo price marketwide for Quarter 1, 2021 was

$1,550,000, down slightly quarter-over-quarter by

3.13% and showing no change year-over-year. By

size, the median price for a studio condo marketwide was $625,000 and showed the largest increase, up R EP O R 13.64% quarter-over-quarter. In contrast, the median price for a two bedroom condo showed no change Pending Sales: +64.3% Active Listings: +8.2% quarter-over at $1,800,000. One bedroom condo pricing decreased both quarter-over-quarter and year-over-year by 4.98% and 6.03%, respectively. Condo Within Quarter 1, 2021 Pending Sales +41.7% and Active Listings -6.2% Active condo listings were up 8.2% compared to this 4000 time last year but down 6.2% within the quarter. Condo supply has continued to decrease since 3500 October 2020. At the end of Quarter 1, 2021, there 3000 were 3,362 available units marketwide. 2500

Pending condo sales marketwide were up 64.3% 2000 compared to this time last year, a significant increase 1500 and strong indication of an active market. Within the quarter, pending condo sales increased 41.7%. 1000

After reaching record low levels in August of 2020, 500 the number of pending condo sales have increased on a steep incline, ending the quarter at 1,519 pending 0 JAN FEB MAR sales and surpassing the number of condo pending Pending Sales: +41.7% Active Listings: -6.2% sales for the last ten years.

Closed Condo Sales By Size Quarter-Over-Quarter MONTHLY CONTRACT ACTIVITY

40% 33.2% FROM LAST MONTH 30%

Oct 55.9% FROM LAST YEAR 20%

10% QTR 4 2020 Source: UrbanDigs.com QTR 1 2021 Percentages are rounded. 0% STUDIOS 1 BEDS 2 BEDS 3+ BEDS BONDREPORT QTR 1 2021 CO-OP MARKET MATRIX QTR 1 2021 % CHG (QTR) QTR 4 2020 % CHG (YR) QTR 1 2020 Avg Price $1,143,995 +8.89% $1,050,552 -18.28% $1,399,911 Median Price $780,000 +7.22% $727,500 -5.45% $825,000 Avg Price Per Sq Ft $983 +2.59% $958 -6.57% $1,052 Studio (median) $425,000 +6.25% $400,000 -5.56% $450,000 1 Bedroom (median) $660,000 +1.69% $649,000 -5.04% $695,000 2 Bedroom (median) $1,225,000 +11.87% $1,095,000 0.00% $1,225,000 3+ Bedroom (median) $2,175,000 +12.99% $1,925,000 -1.14% $2,200,000

Co-op March 2020 - March 2021 CO-OP SALES Pending Sales +53.5% and Active Listings +26.3% The average sales price for a co-op marketwide in Quarter 1, 2021 was $1,143,995, showing a price decrease of 18.28% year-over-year and a price increase of 8.89% quarter-over-quarter. The median sales price for a co-op marketwide in Quarter 1, 2021 was $780,000, down 5.45% year- over-year and up 7.22% quarter-over-quarter. By size, all categories (studio, one bedroom, two bedroom, and three+ bedroom) showed a median price increase quarter-over-quarter. Studio and R EP O R one bedroom co-op median prices were down 5.56% and 5.04% year-over-year respectively. Pending Sales: +53.5% Active Listings: +26.3%

The number of active co-op listings for Quarter 1, 2021 was up 26.3% compared to the previous year and down 2.0% within the quarter. The Co-op Within Quarter 1, 2021 number of active co-op listings available at the Pending Sales +26.8% and Active Listings -2.0% beginning of Quarter 1, 2021 was 3,501 and 4000 remained relatively flat throughout the quarter, 3500 finishing at 3,441. 3000

The number of pending co-op sales for Quarter 2500

1, 2021 was up 53.5% compared to the previous 2000 year and up 26.8% within the quarter. Quarter 1, 2021 continued on the same trend as the 1500 JAN FEB MAR previous quarter showing a significant increase in 1000 market activity. After recording the lowest levels of pending sales in late July of 2020, the number 500 Pending Sales: +26.8% Active Listings: -2.0% of pending sales has increased steadily and ended 0 Quarter 1, 2021 at 2,401, the highest number of co-op pending sales marketwide recorded in Closed Co-op Sales By Size Quarter-Over-Quarter the last ten years. 50%

MONTHLY CONTRACT ACTIVITY 40%

30% 8.8% FROM LAST MONTH 20% Oct 15.8% FROM LAST YEAR 10% QTR 4 2020 QTR 1 2021 0% Source: UrbanDigs.com STUDIOS 1 BEDS 2 BEDS 3+ BEDS Percentages are rounded. BONDREPORT QTR 1 2021 LUXURY MARKET: A VIEW FROM THE TOP The luxury market is defined at the top 10% of all co-op and condo sales transactions marketwide. For Quarter 1, 2021, the threshold for the luxury market was $3,235,000. The average luxury price for Quarter 1, 2021 was $6,378,858, down 15.84% year-over-year and down 7.04% quarter-over-quarter. The median luxury price for Quarter 1, 2021 was $4,675,000, down 17.32% year-over-year and down 11.07% quarter-over-quarter. This quarter’s price decreases may be an indication of the absence of legacy contracts that have previously impacted the luxury submarket prices. In the $5-10 million luxury submarket category, the number of pending sales were up a significant 35.7% for condos compared to last year and up 42.9% from last year for co-ops. In the over $10 million luxury submarket category, the number of condo pending sales were up 63.0% from last year, but down 27.3% for co-ops.

LUXURY MARKET MATRIX QTR 1 2021 % CHG (QTR) QTR 4 2020 % CHG (YR) QTR 1 2020 Avg Price $6,378,858 -7.04% $6,862,215 -15.84% $7,579,581 Median Price $4,675,000 -11.07% $5,256,862 -17.32% $5,654,343 Avg Price Per Sq Ft $2,855 +24.43% $2,295 +2.96% $2,773

$5-10 $10+ MILLION MILLION PENDING / ACTIVE PENDING / ACTIVE

CONDO CONDO Pending Sales: +35.7% From Last Year Pending Sales: +63.0% From Last Year Active Listings: +1.1% From Last Year Active Listings: -6.0% From Last Year

CO-OP CO-OP Pending Sales: +42.9% From Last Year Pending Sales: -27.3% From Last Year Active Listings: +15.7% From Last Year Active Listings: +5.6% From Last Year

500 300 400 250 200 300 150 200 100 100 50 0 0 PENDING SALES ACTIVE LISTINGS PENDING SALES ACTIVE LISTINGS

CONDO CO-OP CONDO CO-OP

Source: UrbanDigs.com Percentages are rounded. BONDNEWYORK.COM BONDREPORT QTR 1 2021 TOWNHOUSE SALES The townhouse market is a unique submarket in Manhattan. It has the fewest number of transactions of all the submarkets with the smallest inventory and the smallest buyer pool. As a result, the properties in the townhouse submarket tend to be based on specific traits of the individual property and not a general set of criteria or market trends. The average townhouse sales price for Quarter 1, 2021 was $7,461,128. The median sales price for a townhouse in Quarter 1, 2021 was $4,395,000.

TOWNHOUSE MARKET MATRIX QTR 1 2021 % CHG (QTR) QTR 4 2020 % CHG (YR) QTR 1 2020 Avg Price $7,461,128 -9.14% $8,211,987 +4.53% $7,137,900 Median Price $4,395,000 -31.33% $6,400,000 -25.19% $5,875,000 Avg Price Per Sq Ft $1,228 -2.09% $1,255 -0.86% $1,239

ACTIVE LISTINGS PENDING SALES DAYS ON MARKET 1.7% Year To Date 36.0% Year To Date 23.3% Year To Date 15.3% From Last Month 13.3% From Last Month 6.7% From Last Month 10.4% From Last Year 54.5% From Last Year 12.8% From Last Year

ACTIVE TOWNHOUSE LISTINGS

UPPER WEST SIDE: : 18.8% Year To Date 5.0% Year To Date 13.0% From Last Month 9.5% From Last Month 8.3% From Last Year 5.0% From Last Year

WEST VILLAGE: EAST VILLAGE: 64.3% Year To Date 33.3% Year To Date 76.9% From Last Month 14.3% From Last Month 27.8% From Last Year 300.0% From Last Year

GREENWICH VILLAGE: 30.8% Year To Date 10.0% From Last Month 35.7% From Last Year

Source: UrbanDigs.com BONDNEWYORK.COM Percentages are rounded. BONDREPORT QTR 1 2021 NEW DEVELOPMENT Marketwide, new development supply decreased 17.5% from last year and decreased 6.7% since the start of the year. New development monthly new supply was also down 25.6% from last year and down 32.0% since last month.

MANHATTAN SUPPLY MANHATTAN MONTHLY NEW SUPPLY 860 119 6.7% Year To Date 32.0% From Last Month 8.0% From Last Month 25.6% From Last Year 17.5% From Last Year

MANHATTAN SUPPLY BY SIZE STUDIO ONE BEDROOM TWO BEDROOM THREE+ BEDROOM 29 166 290 373

3.3% Year To Date 1.8% Year To Date 9.1% Year To Date 8.6% Year To Date

20.8% From Last Month 5.1% From Last Month 11.9% From Last Month 8.1% From Last Month

3.3% From Last Year 14.0% From Last Year 20.8% From Last Year 17.1% From Last Year STUDIO STUDIO

MANHATTAN PENDING SALES MANHATTAN MONTHLY CONTRACT ACTIVITY 457 130 19.9% Year To Date 75.7% From Last Month 6.5% From Last Month 52.9% From Last Year 45.1% From Last Year

MANHATTAN PENDING SALES BY SIZE STUDIO ONE BEDROOM TWO BEDROOM THREE+ BEDROOM 25 120 169 142

21.9% Year To Date 15.5% Year To Date 44.4% Year To Date 59.6% Year To Date

19.4% From Last Month 7.7% From Last Month 23.4% From Last Month 9.2% From Last Month

38.9% From Last Year 20.0% From Last Year 70.7% From Last Year 44.9% From Last Year

Source: UrbanDigs.com BONDNEWYORK.COM Percentages are rounded. 4

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