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Are Manhattan sellers feeling a little bit braver—or is the market scrapping the bottom of the supply barrel? There was an uptick in new listings on the market in the fifth week of the shutdown compared to the previous week.
Still, new listings are down 78 percent for the third week of April compared to the same week a year ago, according to UrbanDigs' weekly report on total new listings, contracts signed, and listings being taken off the market for Manhattan.
The report found that new listings were up 37 percent from the previous week, and there was a decrease of 12 percent in the number of listings being taken off the market compared to the previous week—is this an encouraging sign or not?
It doesn’t appear to be something you can get too excited about. Noah Rosenblatt, CEO of UrbanDigs, says new listings coming on the market will remain low because of the state’s pause order, which was extended until May 15.
Sellers are likely to wait for restrictions to ease in order to enter the market properly with photography and open houses, he says. “In the interim, the market will remain noticeably thin” with a wide gap between bids and asking prices, he says in the report.
Contracts signed declined 78 percent compared to the same week in 2019.
“During a typical active season, we want to see weekly increases in both supply and contract activity, with a weekly decrease in off-market [listings]. That would be considered ‘normal.’ But right now, what we see is two out of the three as the market hits the fifth week of the pause,” Rosenblatt says.
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