New York real estate hit by coronavirus
March 30, 2020 - Manhattan
As the coronavirus spreads rapidly throughout New York, Manhattan’s real estate market has already shown early signs of deterioration.
Research shows the market started the year off relatively strong. According to data from Property Shark, the first quarter of 2020 showed increased sales activity in the Manhattan residential market when compared with last year.
However, preliminary data from CORE Real Estate shows that last week only 90 contracts were signed.
That is the smallest amount since the week of Hurricane Sandy in 2012 when 81 were signed.
Garrett Derderian, managing director of market analysis at CORE, noted that those figures are a stark contrast to February when the number of contracts signed hit its highest monthly level in a decade.
“While the low number of contracts is troubling for the real estate market, it does seem to indicate everyone is following federal and state ‘stay-at-home’ social distancing mandates due to coronavirus,” Derderian said in an emailed statement.
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Photo: REUTERS/Jeenah Moon
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