RE Rundown (6/25/20)

Manhattan listings are at pre-Covid levels but deals aren’t: Report

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.

The flight to the suburbs is real and growing, as coronavirus changes the way people live

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.

‘Remarkable’ recovery to spark 30% rally in these housing stocks, says top analyst Ivy Zelman

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.

Real Estate Agents Return to Work as City Reopens

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 💻.