Here is a snapshot of the current market relating to supply and demand trends during Covid-19 for Manhattan in the Residential Sales Market:
Supply in Manhattan seems to have bottomed out at a little north of 5000 listings. Since April 18, there have been between 5025 to 5100 listings on the market, which compares to approximately 7500 listings one year ago.
Our best measure of demand is contracts signed. This number has steadily declined to a new weekly low of 36 for the past week. The contracts currently being signed are likely sight unseen in person and due to virtual video tours. This time of the year should be averaging about 250 to 275 contracts signed per week.
