The New York City Real Estate Market Shows Optimistic Signs!

The New York City real estate market continues to resume with best practices for health, safety and social distancing guidelines in place since reopening on June 22nd.

So, what do we think about where the market stands so far? We continue to be optimistic!

Pending Sales

Pending Sales (cumulative listings in contract) had its’ very first uptick this past week ending Friday, July 24^th.  Though the uptick was slight, it does suggest a bottoming of the market as of mid July.

Weekly New Listings

In our last blog, we talked about the importance of the number of Active Listings in the market. This number continues to rise with roughly 600 listings weekly.  What we will be watching is whether or not this slows down.  There were no new listings for 3 months during the COVID-19 shutdown.  It looks like July will be a huge month for listings brought to market.

Weekly Contracts Signed

This was also the second week in a row that weekly contract signings were around 150 which is a significant improvement over the Covid-19 shutdown period.  A normal rate of weekly contract signings is around 250.  This number is important as it shows that buyers are signing contracts.  A very good second sign in the recovery.

We do not want to see the Weekly Contract Signed number drop significantly so it’s trending where it should be. This numbers suggests that buyers are looking and contracts are getting signed.  It is too early to know how this activity will translate to prices.

Since the New York City market opened (June 22- July 24), 455 contacts have been signed.  This is still far below a normal active season.  We will watch this number to see if it returns to a more normalized level in the 600 to 800 seasonal range of contacts signed which would demonstrate buyer confidence.

More Stats from the New York City Real Estate Market

Of the 455 deals have gone into contract since the market re-opened. 45% of these deals are under $1M and 43% are between 1-3M.

There were some very interesting numbers in contracts signed by neighborhood. Over 50% of the activity occurred in the Upper East Side and Midtown neighborhoods.

One and Two bedroom deals are dominating the market activity. Contracts signed on one bedrooms is 43% of the market and two beds are 30%. Solidly 84% of the deals getting done are 1 to 3 bedroom apartments.

In terms of price-point, under $1M is 45% of market; $1-3M is 42% of the market – the market up to $3M is 85% of where deal activity is right now.

As always, if you have any questions feel free to contact us anytime!