Record listings in Manhattan could mean lasting homebuyer demand.
New Listings in Manhattan Topped 5-Year Averages
Usually, the housing market slows in September. Why? Most families who have been looking for new homes have either closed by Labor Day or have shelved their plans to buy for the school year.
Not this year in Manhattan. Coming off a hot sales market in August (+40% higher than the pre-pandemic ten-year average), new listings in September are up a solid +30% compared to September’s five-year listings averages, according to a just released report by Urban Digs.
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Majority of Agents Optimistic about Continued Demand
The majority of real estate agents and brokers, a more than solid 72%, reported to Urban Digs that they were busier in August 2021 than normal, if not being the busiest ever in August.
Because of that “busy-ness,” agents and brokers believe (fingers crossed) that this fall, as employers finally get specific and determined about return-to-work dates, homebuying demand will continue.
Home sellers obviously share this thinking with agents and brokers as new listings for Manhattan homes hit a five-year-average-listings high.
The more employers “phase out” remote work and/or implement hybrid in-office remote work models, homebuying demand will continue to spur both demand and supply.
Employers Expect 76% of Employees On-Site by Beginning of 2022
According to data collected by the Partnership for New York City, just 23% of Manhattan’s office workers were sitting at their desks as of August 25. 40% of this work force is expected to be in-office by September 30.
Yes, this is below the 60% projected at the beginning of the summer to be on-site by this time of the year BUT, by the end of the year, Partnership learned from employers that 78% of employees are expected to have returned to their on-site desks by the end of 2021, beginning of 2022 at the latest.
It just could be that those employees coming back to work on-site could, on the way to their offices, pop in to an open house or two and consider buying a house, just as in the old days, near where they work.
Thanks to TheRealDeal.
