The number of homes being listed in Manhattan is 6% higher ↗️ than the same week last year. Phase two is here, but buyers are not venturing out. While fewer contracts are being signed, this is a perfect opportunity for buyers to get a good deal.
Home Sales Plunged Most since 2008, Condos -41%. First-Ever April-May Price Drop in Normally Red-Hot Spring Selling Season
The seasonally adjusted annual rate of sales (SAAR) of existing homes dropped 26.6% ↘️ from last year, the lowest rate since the Housing Bust in October of 2010. Home sales plunged, and condo and co-op sales collapsed. Unsold inventory is rising, and a “move to the suburbs” could be a lasting effect of this pandemic down the line.
Interest in the suburbs is rising 🏘. The stay at home order has caused two things: a desire to have more space, and the opportunity for more people to work remotely. This trend could mean good things for homebuilders.
Low interest rates ⬇️ and record low inventories ⬇️. Ivy Zelman, one of the top analysts of the housing sector, believes stocks in the housing sector have been left undervalued. The recovery of the housing market since May has surpassed expectations and should benefit investors in homebuilder stocks.
New York’s Phase 2 reopening allowed many Real Estate agents to return to work withnew guidelines and protocols. However, virtual tours are likely to remain the popular option due to client comfort. Not a bad time for companies to boost their online presence 💻.