Key Highlights
- New listings in Manhattan fell -85% y/y during week of March 23-March 29
- Signed contracts fell -68% during same week
- London sales drop -91%
Only 63 homes came to market as new listings during the week of March 23-March 29 in Manhattan. Also, the number of signed contracts across Manhattan dropped to 67 during the same week compared to last year’s 208-signed contracts. The number of new listings fell -85% y/y as the number of signed contracts fell -68% y/y during the same week compared to one year ago, according to a recent report by Urban Digs, a real estate service provider for Manhattan and Brooklyn.
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Urban Digs founder Noah Rosenblatt said, “…sellers and agents grappled with the basic logistics of coming to market, such as photography, floor plans, and other details…” in the midst of Governor Andrew Cuomo’s executive order to shutter non-essential businesses and to ask people to stay in their homes.
Meanwhile, luxury real estate essentially came to a stop in Manhattan during the “pause.” Just two contracts were signed for homes listed for over $4M, according to the weekly Olshan Report that tracks transactions of $4M+.
The last time there were two signed contracts in one week was the week of August 17-August 23, 2009, when the housing market completely collapsed. The only worse week was that of December 21 – December 27, 2009, when no contracts, none, were signed.
New York was not alone in this market “pause.” Home sales in California and the United Kingdom have also essentially gone into lockdown.
According to the online estate agency Doorsteps in London, home sales dropped -77% during the month of March from an average of nine sales per day during the first week of March to just two sales per day during March 23-March 29. In London, sales decreased nearly -91%.
According to Doorsteps founder Akshay Ruparelia said, “The fear is incredible. As an online estate agency business, customers of Doorsteps can contact us 24/7, and initially, without any face-to-face contact, our sales and viewings have still plummeted by -40% on a week-to-week basis.”
Thanks to MansionGlobal’s Liz Lucking and Beckie Strum.
Also read: Podcast: Global Economic Crash, What Next? | Tim and Julie Harris Sunday Special, How Much? When? And Other Answers about Your 2020 Stimulus Check, Updates for Business on the CARES Act
