It certainly doesn't feel like Memorial Day or that it's been eleven weeks of stay-at-home orders, but here we are. Things are continuing to feel slightly more normal or maybe I'm adjusted to "the new normal", either way, I've enjoyed some nice days in the city and curbside restaurant/bar service. Below is a quick breakdown of week 11 NYC real estate activity during Covid update.
A much-improved week in the market.
- This week new supply increased, off-market inventory to decreased, and the number of weekly signed contracts increased
- New listing inventory increased for the third consecutive week. This is the leading indicator for a recovering market. Then hopefully we will start to see weekly contracts increase, then closed sales increase.
- Every aspect of the sales process is just taking longer (getting into contract, getting commitment letters from banks, and getting to closing.
- On a national level, the number of loan applications to buy home was up for the fifth consecutive week.
- When speaking to my colleagues in other parts of the country that have already re-opened, they reported traffic increases, which they’ve attributed to pent-up demand.
- I predict we will see the same here once our stay-at-home orders are lifted.