Manhattan home deals jumped 52% last week

Six-week decline in contract signings ends, and listings also rise

TRD New York /
May.May 19, 2020 02:35 PM
For the first time in six weeks, the number of Manhattan homes that went into contract increased. (Credit: iStock)

For the first time in six weeks, the number of Manhattan homes that went into contract increased. (Credit: iStock)

The losing streak is over.

After dropping for six consecutive weeks, the number of Manhattan homes that went into contract finally went up, an UrbanDigs report shows.

The data firm found 47 contracts were signed last week to purchase Manhattan homes, up 52 percent from the previous week’s 31, which had been a new low during the lockdown.

The market has not nearly recovered, though: The 47 deals were still down 80 percent from the same period in 2019.

Another sign that the market is coming back is the number of new listings, which rose for the third consecutive week to 133, up from 96 the previous week. But that’s still down 73 percent year-over-year.

The count of homes taken off the market dropped 17 percent last week to 106 compared with the first week of May. The number of removed listings was the same a year ago.

According to the report’s author, UrbanDigs CEO Noah Rosenblatt, the weekly increases in new listings and contract signings and the drop in delistings are typical for the spring selling season in Manhattan.

“This was the first week where this pattern took hold,” he wrote. “Time will tell if this data point becomes a trend.”

The pandemic’s effect on sale prices remains unclear. Rosenblatt noted that residential closings happening now are representative of deals that went into contract in late January or early February. He estimated that it will be another six to eight weeks before “true Covid transactions” begin closing and pricing can be analyzed.

Write to Erin Hudson at ekh@therealdeal.com


Related Articles

arrow_forward_ios
An aerial view of a pop-up drive-in theater built in the parking lot at the Broadway Commons in Hicksville, New York (Getty)

Covid pummeled shopping centers, but their parking lots are thriving

Covid pummeled shopping centers, but their parking lots are thriving
French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate
The number of mortgage borrowers in Covid-19 forbearance plans ticked down again this week. (iStock)

3M homeowners remain in forbearance

3M homeowners remain in forbearance
Mayor Bill de Blasio and the Lucerne Hotel at  201 West 79th Street (Getty; iStock; Google Maps)

Lawsuit blasts NYC’s “capricious” Covid-19 homeless response

Lawsuit blasts NYC’s “capricious” Covid-19 homeless response
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
Opendoor CEO Kevin Wu, Daniel Morillo and Ken Griffin (Getty; Opendoor; LinkedIn)

Opendoor hires CIO from Ken Griffin’s Citadel

Opendoor hires CIO from Ken Griffin’s Citadel
(iStock)

Dead weight: A breakdown of NYC’s rental listing glut

Dead weight: A breakdown of NYC’s rental listing glut
(Getty)

Manhattan rents fall below $3,000 for first time since 2011

Manhattan rents fall below $3,000 for first time since 2011
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...