How's the Market? You Might Be Surprised

Great question!  In some ways it's as you would expect.  However, in the one metric you're probably most curious about - prices - you might be surprised.  

April is normally a very busy month as the "spring selling season" kicks into high gear.  As can be anticipated, that's not the case this year when we're restricted from escorting buyers or showing our listings.  An open house?  Well, only virtually!  Pending sales, contracts signed, and closed deals are still happening, but not at nearly the pace we're accustomed to seeing.

For the past couple of years in April we would anticipate about 7,000 homes for sale in Manhattan.  This year we're at around 5,000.  More tellingly, only about 181 new listings have come on the market, compared to around 1,000 a year ago.  In addition, many sellers whose homes were actively listed have taken them off the market for now.

Now, here's the surprise.  For all you buyers who are waiting on the sidelines hoping for a 25% or so discount from the asking price - it may not work.  Things seem to have settled down a bit after the panicked response some folks had the first couple of weeks and we're not seeing or hearing about a wave of huge price drops. 

Many sellers are either holding out or (as we mentioned above) taking their homes off the market for now.  With less inventory, there's less choice for buyers, and they may hold fewer cards because of it.

How long will this last?  Another great question.  And one we can't answer as circumstances continue to evolve.  Trust that we'll continue to keep you informed.