A staggering low — 52 new properties — went on the market in Manhattan last week. Typically, when the Spring season begins, you should expect around 500 new listings. This is an 89% decrease from we saw in the same time period of 2019.
Only 55 contracts were signed, according to Crain’s New York. This is a 77% decrease from the same time period last year. There were also 157 listings completely taken off the market while vacant — a 17% jump from 2019.
The week when COVID-19 hit Manhattan, 400 new homes went on the market. The number steadily fell, and by mid-march, there were below 100.
Agents are pulling out all the stops to ink up anyone interested in purchasing a new home. Crain’s tells the story of an agent who drove all the way to Long Island to hand-deliver a contract because the buyer did not own a printer at the time. The signature was notarized through FaceTime — something Governor Andrew Cuomo recently legalized.
Although there are many roadblocks, agents continue to grind and make sure they are getting their job accomplished.
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To read the full story in Crain’s New York, click here: https://www.crainsnewyork.com/real-estate/new-listings-plummet-90-manhattan
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