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New York

Manhattan listings are at pre-Covid levels but deals aren’t: Report

The number of homes listed last week exceeded the same period in 2019, but far fewer contracts were signed

Hundreds of Manhattan sellers have returned their properties to the market, but have buyers come back? (iStock)
Hundreds of Manhattan sellers have returned their properties to the market, but have buyers come back? (iStock)

Hundreds of Manhattan homeowners looking to sell have returned to the market, but buyers are still staying away.

Ahead of in-person showings resuming on Monday, listings for 352 homes went live last week, according to a weekly report on the Manhattan sales markets by data firm UrbanDigs.

The number of new listings was actually 6 percent higher than the same week last year, when 331 homes were listed. It’s the highest number of new listings recorded since March 2, the day after New York City confirmed its first confirmed case of the coronavirus.

The number of homes listed for sale has been climbing as the brokerage community anticipated New York City moving into phase two of reopening, which allows in-person property showings to resume. As that began on Monday, many anticipated a surge in pent-up demand would be unleashed, while others expressed reservations about how eager buyers would be.

The UrbanDigs report showed that though buyer activity last week remained low for the season, there were glimmers of hope.

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There were 72 contracts signed last week, a 67-percent drop year-over-year. But when compared to the second week of June — when there were just 51 contracts — the number represented a 41 percent jump. UrbanDigs called the weekly uptick a breakout from the past 10 weeks of “minimal” contract activity.

Luxury contract activity in Manhattan also hit a 13-week high last week with 12 homes asking $4 million or more going into contract.

Meanwhile, UrbanDigs reported 149 listings were pulled off the market last week, an 18-percent drop compared to the 181 that were delisted in the same week last year.

Last week, the Real Estate Board of New York and StreetEasy announced that the nearly three months in which agents were banned from showing homes will be counted as a single day on the market for those homes. The move benefits sellers, but critics say it obscures market transparency.

Write to Erin Hudson at ekh@therealdeal.com

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