New York City buyers appear to be tip-toeing out of wait-and-see mode. The number of contracts signed increased 52 percent in the second week of May, the first increase in six weeks, according to the latest weekly Manhattan sales market report from UrbanDigs.
The report found 133 new listings as more sellers entered the market for the week of May 11-17—representing the third weekly increase in new listings—an increase of 39 percent over the prior week. But the new listings tally is way down if you compare it to last year—it is off by 73 percent compared to the second week of May 2019. And the number of new contracts signed is down 80 percent compared to a year ago.
Reports from UrbanDigs, a Manhattan real estate analytics platform, look at the impact on new listings on the Manhattan market, new contracts signed, and listings taken off the market each week.
These latest dynamics indicate that buyers are more willing to risk uncertainty and may be rewarded with some good deals in the short term, says Noah Rosenblatt, founder and CEO of UrbanDigs and author of the report.
The number of listings taken off the market fell 17 percent compared to the prior week—falling in line with seasonal levels.
Typically, during the spring, the market sees weekly increases in new listings and contracts signed, says Rosenblatt, with a weekly decrease in listings being taken off the market.
“This was the first week where this pattern took hold. Time will tell if this data pint becomes a trend,” he says.
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