Market Update 2021

Although consumers have access to more housing information than ever before, they demand additional insights about their select markets. These charts represent just a sampling of the ways we analyze the regional markets served by Douglas Elliman.

1. After a Slow 2019, the 2020 Hamptons Market Returned to a Brisk Pace

Since the middle of the decade, the Hamptons market has seen lackluster sales activity amid elevated listing inventory. This slow- moving market pattern was in sharp contrast to its closely linked Manhattan housing market until 2020. Once the market reopened after COVID, the pace accelerated to a brisk rate.

Amagansett, New York

2. Downtown Boston Condo Sellers Became More Negotiable to Sell Within 30 Days

The listing discount, the percent change from the last asking price to the sales price, reflected a premium above the last asking price in 2018 through 2019. By the end of 2020, the negotiability between buyers and sellers had expanded significantly but remained relatively tight compared to other U.S. housing markets under the Douglas Elliman U.S. footprint.

Charles River

3. Manhattan New-Signed Contracts Exceeded Year-Ago Levels for the First Time Since the Spring COVID Lockdown

Manhattan’s new-signed contract activity had lagged behind the rest of the New York City region since the spring COVID lockdown. In December, Manhattan exceeded year-ago levels for the first time, as its residents’ wealth and mobility enabled their slow return to the city.

4. Greenwich Single-Family Demand Shifts Toward Larger Homes

The average square footage of a single-family home sold in Greenwich, Connecticut, rose significantly in 2020 as consumers searched for larger homes during the COVID era.

5.Aspen Single-Family Sales ≥$10M Surged

Top-of-the-market Aspen sales were high as demand shifted the view to a coprimary destination (where the optics changed from vacation homes to primary residences, stoked by the viability of remote work).

6. Palm Beach Single- Family Demand Surged as Supply Plunged

Palm Beach saw a surge in 2020 sales against the backdrop of falling listing inventory, which made for an unusually fast-moving market.

7. L.A. Market Share of High-End Cash Sales Dropped with Jumbo Rate Fall

The plunge in the usually high market share of cash buyers of Los Angeles luxury property was consistent with the drop in mortgage rates to new records in 2020.

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ELLIMAN INSIDER is published by Douglas Elliman Real Estate
© 2020 all rights reserved
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