Coronavirus

Manhattan sales listings pile up as buyers wait to see apartments in person

According to the latest weekly Manhattan sales market report from UrbanDigs, during the fourth week of May, 166 new listings were added to the market. This is the fifth weekly increase in new listings.

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The number of Manhattan listings is ticking up however, with buyers unable to view listings physically, deal activity is practically nil. Still, early birds can get the worm, or in this case, a good deal.

According to the latest weekly Manhattan sales market report from UrbanDigs, during the fourth week of May, 166 new listings were added to the market. This is the fifth weekly increase in new listings and represents a 13 percent increase compared to the prior week. However, two fewer contracts were signed compared to the week before, when 37 contracts were signed.

Reports from UrbanDigs, a Manhattan real estate analytics platform, look at the impact on new listings on the Manhattan market, new contracts signed, and listings taken off the market each week.

“Until buyers and agents are given the all-clear to physically tour and view properties, deal activity is not likely to increase above the current de minimis amount,” says Noah Rosenblatt, founder and CEO of UrbanDigs and author of the report. “Buyers willing to brave today’s uncertainty will be rewarded with advantageous pricing in the short term,” he says.

Compared to the same time a year ago, market activity during the week of May 25-31 is way off. New listings are down 61 percent and contracts signed declined 83 percent. The number of listings being taken off market fell by 65 percent. The end result is a build up of supply as the real estate market remains largely on hold.

Governor Andrew Cuomo has said that real estate is part of Phase 2 of New York' reopening plan. NYC is expected to reopen June 8th for Phase 1, which allows nonessential stores to open for curbside pick up and nonessential construction and manufacturing to restart.

Under CDC guidelines, NYC needs to see a downward trajectory of documented Covid cases for at least 14 days after entering Phase 1, among other requirements, in order to enter Phase 2.