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New Manhattan sales listings surge for Phase 2, but demand isn't back

Contract activity typically lags new listings. However, in the fourth week of June it was down 68 percent compared to the same week in 2019.

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The number of new Manhattan sales listings surged for the fourth week of June, when NYC entered Phase 2 of the reopening process, which allows showings of vacant and unoccupied properties, but demand isn’t bouncing back. 

This was the highest number of weekly new listings, according to the latest report from UrbanDigs, a Manhattan real estate analytics platform. For the week of June 22nd-28th, Manhattan listings increased 97 percent year over year, and were up 56 percent over the previous week.

According to the report by John Walkup, COO of UrbanDigs, contracts signed are still "depressed," down 68 percent year over year and down 4 percent week over week.

There were 550 new Manhattan listings for the fourth week of June 2020, compared to 279 in 2019.

Contract activity, which typically lags new listing activity, saw 69 deals reported for this week. This is three fewer than last week, and below 2019’s 213 deals during the same week.

The number of contracts signed will likely increase in the coming weeks as buyers have a chance to inspect properties and begin negotiations. However, the extent of returning demand remains to be seen and will be visible only in hindsight,” Walkup says.

Listings taken off market are at typical levels for the active season. This is to be expected as the market reopens and sellers try for sales, Walkup says.