Manhattan Contracts Plummet 

by | Jun 5, 2020 | Uncategorized

The Wuhan pandemic, which made Manhattan an epicenter of the virus, had a catastrophic impact upon the number of real estate contracts signed in May. For the month,  there were just 160 signed, which compares with 992 signed in May of 2019. This represents an 84% drop in signed agreements.
New Listings
In addition the number of new listings also fell but not as severely. In May 2020, there were just 574 new listings, which is a 71% drop from May 2019.
Some believe that the oversupply of high-priced new condos and penthouses was already causing the market to step back prior to the Wuhan pandemic.
In May, there were only 16 contracts signed for properties over $4 million dollars, representing a 90% decline from May 2019.
According to records, in May 2019 there were 111 contracts signed totaling $1.1 billion.
Urban Flight
According to some studies, the increased demand is coming from Manhattan and moving into Westchester County, Greenwich, Connecticut and Bergen and Monmouth counties.
Currently, in the adjacent New Jersey counties including Bergen, Hudson and Passaic counties, the months supply of real estate inventory is 3.5, 3.8, and 2.9, respectively.

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