As New York shut down, so did its residential market

By
Real Estate Broker/Owner with JAD Realty Group, LLC.

Listings pulled by the hundreds and new ones drop 79% in brutal week

 

About 450 sellers pulled their listings last week (Credit: iStock)

About 450 sellers pulled their listings last week 

 

Nearly 450 homes were pulled off the market, new listings plummeted and contract signings sank in New York City last week as the coronavirus pandemic worsened.

 

Data firm Urban Digs compared the number of yanked listings, signings and new listings last week to the number in the same period a year ago to see how hard the city’s health crisis is hitting residential real estate. A brutal picture emerged.

 

New York began shutting down March 16 and reached full “pause” Sunday night as Gov. Andrew Cuomo closed all non-essential workplaces statewide. For real estate agents and brokers, that meant the end of in-person showings.

 

Urban Digs’ data of the previous week show sellers abandoning the effort and buyers withdrawing.

 

Contract signings were nearly halved to 109 from 214 in the same week last year.

 

The number of listings that went live sank by 79 percent with a mere 98 sellers pressing forward. In 2019, there were 459 new listings in the third week of March, which is typically one of the busiest months for owners to list their properties.

 

Finally, the 448 properties that were removed last week represent a 276 percent increase from the 119 taken offline in 2019.

 

Urban Digs’ founder and CEO Noah Rosenblatt noted that the 448 listings that came down likely remain available, if anyone’s buying.

 

“I think all that inventory is still really on the market,” he said, adding that the pent-up inventory that doesn’t enter the market during the pandemic could reappear once the health crisis ends.


“Only those sellers that are forced to liquidate right now” will keep listings live, he said. “Sellers who don’t have to sell will take it off the market.”

 

Rosenblatt’s analysis is no surprise. Concern about coronavirus and the accompanying volatility of major stock indexes was already dampening the sales market.

 

An analysis earlier in the month by appraiser Jonathan Miller found that new listing inventory of condos and co-ops had slowed to a crawl. Miller examined the first nine days of March and found a mere 2.2 percent growth in inventory on the market, as compared to historical 7 percent.

 

But deals were still going into contract last week and, until Sunday, agents were continuing to conduct showings. A handful of big-ticket closings were still happening.

Posted by

Jeffrey Ditri 

Broker/Owner

610.781.8417

NYC Residential Rentals & Sales

JAD Realty Group

jadrealtygroup.com

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Rainmaker
895,736
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

I know that New York is really struggling right now.  My granddaughter who is a Navy reservist just got sent yesterday to help set up a hospital for the next 2 weeks there.  We will pull out of this and it will be a great story for the generations to come.  Stay healthy and happy!

Mar 26, 2020 06:39 AM #1
Rainmaker
4,384,114
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jeffrey, I figured your market had changed drastically, especially with so many cases in NYC.  Stay safe, and this too shall pass.

Mar 26, 2020 07:00 AM #2
Rainmaker
5,389,642
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Jeffrey Ditri the most important factor now is to stay healthy.....this will all pass....NY has taken it on the chin worse than any other state.... stay strong and safe.

Mar 26, 2020 07:13 AM #3
Rainmaker
3,495,271
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Unbelievable numbers, Jeffrey. As a former NYC broker, I'm always interested in real estate goings on in my home town.  Here in Charlotte we've just been put under a stay at home order and no more in-person home showings allowed until April 16th. I see homes coming on the market... but it will be interesting to see what last week's numbers will look like when they are available to me on Monday.

Mar 26, 2020 08:41 AM #4
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