In earlier times, the New York housing market operated in the natural rhythm of seasonality. Spring was good; the decline was less good; and the winter was the worst.
But the pandemic changed things. Take Brooklyn: Between 2003 and 2019, the number of sales in the fourth quarter traditionally decreased by an average of 13 percent compared to the previous quarter.
In 2020, however, sales in the fourth quarter increased by 82 percent from the third quarter to a total of 2,695. The number was also almost 6 percent higher than in the same period last year.
“The fourth quarter tends to have the lowest total sales of all quarters of the year and is the highest this year,” said Jonathan Miller of Miller Samuel, author of the latest Douglas Elliman market report for home sales in Brooklyn and Queens. “This is recovery; this is recovery and lockout activity.”
Miller said he saw an increase when he looked at contract numbers in Brooklyn, which was constantly ticking last year as buyers left Manhattan in search of more spacious homes. (Sales reports are not taken into account when contracts have been signed, which means there is a delay in the data.)
“The last two months, the newly signed contracts for Brooklyn have been the most signed contracts in the months since the financial crisis,” Miller said.
According to his market report, the average sales price in Brooklyn in the fourth quarter was just over $ 1 million, up from $ 972,873 in the same period last year.
Condos performed particularly well in the new development, which represents 300 stores in the last quarter – a huge jump from 56 new development stores concluded in the same period last year.
In Queens, meanwhile, sales in the fourth quarter rose 56 percent from the previous quarter, although they fell 8.3 percent in the same period last year.
The average selling price in this neighborhood, $ 668,000, and the average selling price, $ 705,636, increased year-on-year, reaching new records.
Miller said Queens has been setting price records since 2015.
“Much of the growth in Queens has been attributed to what I have been calling ‘Brooklyn spillovers’ for years,” he said. “Brooklyn was a machine that attracted a lot of demand, and the people who were awarded saw Queens as a more affordable alternative – and it continues.”