Sales dropped 36 percent the week after New York's 'pause' went into effect

By Jennifer White Karp | April 1, 2020 - 9:30AM

Reports tracking the New York City real estate market on a weekly basis can now pinpoint when the pandemic impacted transactions.

Data is now available for the fourth week of March, after New York State’s stay-at-home rules went into effect.

PropertyShark’s latest weekly report finds in fourth week of March, there were 566 sales registered in NYC, a drop of 36 percent compared to 889 sales in the fourth week of March 2019 based on ACRIS data. (That week last year was very strong for sales—the highest number in the entire first quarter of 2019).

Sales may have slowed because of the pandemic but prices increased: The 556 sales in the fourth week of 2020 had a median sales price of $687,000, representing an 8 percent gain over the median price for sales in the last week of March 2019.

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UrbanDigs is also taking the pulse of Manhattan's real estate market on a weekly basis, tracking new listings, signed contracts, and listings coming off the sales market.

In its latest report for the fourth week of March, it found that new listings were down 85 percent compared to the fourth week of March last year.

The number of listings signed into contracts during the fourth week of March fell 68 percent, compared to the same period last year. These represent deals put into place before the state-ordered pause began.

The number of listings coming off the market this week rose 68 percent compared to the fourth week of March last year. This is down from the surge of 276 percent in listings coming off the market seen last week.

Prior to the pandemic taking hold in NYC, sellers were adapting to the market slowdown and pricing listings more realistically. Now, UrbanDigs’ report says sellers can expect “to encounter opportunistic bids as long as the order forbidding showings is in place.” As a result, the disconnect between sellers and buyers asking prices will widen.

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Jennifer White Karp

Managing Editor

Jennifer steers Brick Underground’s editorial coverage of New York City residential real estate and writes articles on market trends and strategies for buyers, sellers, and renters. Jennifer’s 15-year career in New York City real estate journalism includes stints as a writer and editor at The Real Deal and its spinoff publication, Luxury Listings NYC.

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