Here’s a look at what transacted in Manhattan during the month of November.

The pandemic has asserted downward pressure on the market, but not necessarily to the extent some buyers expected, and not to the same degree across all neighborhoods and price points.

Relying solely on closed sale prices won’t give you the nuanced picture required in order to truly understand the market of this moment. In fact, due to the months long process getting from contract to closing in Manhattan coops, closed sale prices are really reflecting the market of 3 months prior. (In our current world, that’s a looooooong time).

Now, more than ever, it’s crucial to look at a variety of market data points. Supply and contract activity may be two of the clearest reflections of the up-to-the-minute health of the market. (And I’ve got some charts for you!)

Of course, real-time, signed contract prices are the ultimate data points, and you won’t find that published anywhere. That information can come only directly from the agents, and for that, as well as any other in-depth analysis by neighborhood and price-point, or interpretation of the data below, you can email me here to start the conversation.

Manhattan contract activity is down 4.4% from last month, but up 10.9% compared to November of last year—in part due to the fact that the sales concept of seasonality is out the window in our new world.

Manhattan supply is up 21.9% compared to November of last year—again in part due to that lack of seasonality, but also due to the fact that we’re still working our way though the excess inventory that piled up after the spring lockdown. We’re moving in the right direction, though, with supply down 8.3% from last month.

As you’ll see in the chart below, contract activity was relatively evenly distributed through the 4 major areas. Scroll further for data by neighborhood.