Residential real estate sales in Manhattan hit a record $7.3 billion in the first three months of this year as the market continues to recover from the coronavirus pandemic.
The first quarter saw 3,585 sales in the borough, up 45.9% year over year and 48.9% above pre-pandemic levels.
The number of sales was the highest on record, according to a report co-authored by Miller Samuel and Douglas Elliman.
The average price of an apartment in Manhattan rose 19% from the first quarter of last year, to $2,042,113.
Demand continues to be fierce in the city, with listing inventory down 4.4% to 6,906 for the third consecutive quarter.
Months of supply — which is the number of months it takes to sell all listing inventory at the current sell rate — was 5.8 months, or 34.1% faster than a year on the other and 23.7% during the same period before the start of the pandemic.
According to the study, this is the third consecutive quarter where a record amount of sales has been recorded.
The report also revealed that the median selling price rose 10.7% year-over-year.
While landlords have benefited, tenants who rent co-ops and condos have seen rents rise in the city since the pandemic began.
In the 12-month period beginning in January of last year, rents in the city rose 33%, nearly double the national average and the highest spike among America’s largest cities, according to a study cited by the New York Times.
Just before the pandemic, the median rent price across the city was $2,900. In the first year of the pandemic, rents fell about 14%.
Last January, median rental prices rose to $2,895.
The sharpest swings have occurred in some of the city’s wealthiest neighborhoods, including the Williamsburg section of Brooklyn and the Upper West Side.
The median rent in these areas fell by around 20% between January 2020 and January 2021.