Luxury real estate contracts in Manhattan surpassing pre-pandemic levels

Here’s more proof that luxury real estate in Manhattan is rebounding.

A new report indicates a 60% increase in contracts signed on luxury homes in the Big Apple during the first quarter of 2021 as compared to the same pre-pandemic time period in 2020. The findings, released Monday from Olshan Realty, suggest that buyers are banking on Manhattan's comeback.

Indeed, there were 41 contracts signed for homes priced at $4 million or above during the week of March 15, bringing the year-to-date total to 343. During the same time frame last year, 215 such contracts had been signed before the Big Apple faced city-wide shutdowns starting on March 22.

During the shutdown period, only 53 contracts for luxury homes were signed at the $4 million or more mark, according to the report. At then end of March 2020, and into the first three weeks of April, just two contracts were signed on higher-priced homes every week.

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Widespread vaccine distribution seems to be fueling hope in Manhattan’s luxury real estate market. A total of 36 luxury properties priced at or above $4 million went into contract last month including 26 condos, seven co-ops and three townhouses, according to a February report from Olshan Realty as reported by Mansion Global.

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The demand for luxury homeownership continues to skyrocket outside of New York City as well. Real estate brokerage firm Redfin reported on a January survey that interest in seven-figure homes reached a record high for the month, noting more than 10% of home searches on its website were filtered by users at a starting price of $1 million – up 8.5% from 2020.