Manhattan Homes Sales Market Sees Supply Outpace Demand

Manhattan sellers may have gotten ahead of themselves.

The number of new listings in Manhattan increased for the fourth consecutive week while contract signings fell, according to a weekly report from data firm UrbanDigs.

There were 147 homes brought to market last week, an 11 percent uptick from 133 the week before. Though the figures market an improvement since the coronavirus effectively shut down the city, last week’s listings were still down 54 percent compared to the same week in 2019, when 320 homes were listed.

Meanwhile, contract signings fell 21 percent to 37 properties. The prior week, which saw 47, was the first time in six weeks that the numbers of homes going into contract increased. Last week’s contract activity is down 82 percent annually.

There was also an increase in listings taken off the market, with 118 delistings last week. While an 11 percent increase from the week prior, it’s fewer than during the same week in 2019, when 150 homes were taken off the market.

Noah Rosenblatt, UrbanDigs’ CEO and author of the report, characterized it as a case where “supply outpaces demand.”

“While sellers have begun returning to the market, buyers, with no in-person viewing options, remain on the sidelines. As a result, the sales market continues to limp along with a de minimis activity,” he said in a statement.

Manhattan’s luxury market, tracked and defined by Olshan Realty as homes sales above $4 million, saw three contracts signed.

The sales market is Brooklyn isn’t doing any better. Last week, there were four contracts signed in the borough with an asking price of $2 million or more.

Write to Erin Hudson at ekh@therealdeal.com