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And buyers have the upper hand. When the COVID-19 pandemic hit New York City in the middle of March, the housing market was put on a prolonged pause while much of Manhattan emptied out and shelter-in-place orders were in effect. Now, with the city returning to some sense of normalcy, there are signals that Manhattan?s housing market is starting to function again ? and the current dynamics clearly favor buyers over sellers.
Does this mean there are bargains to be had in Manhattan" It?s possible. But in a housing market with an unusual amount of uncertainty, it?s important to understand how the supply and demand are working to get a good sense of the conditions that could lead to those bargains. Right now, supply is coming back, and demand is a little depressed, which will generally put downward pressure on prices. Housing markets across the country saw the total number of homes for sale drop when the pandemic hit, and, with a few exceptions, total active home listings remain down substantially compared to a year ago. According to Redfin data compiled by real-estate consultant Mike DelPrete, active listings in New York City are currently down 22 percent year over year.
But there?s now reason to think that number will improve in the near future. According to UrbanDigs, a real-estate-listings portal for New York, new listings in Manhattan have not only returned to normal levels but are starting to far exceed where they were a year ago. With new inventor...