Mid-June 2020 NYC Real Estate Update
With NYC poised to enter Phase Two of the NY State reopening plan on Monday, June 22, real estate showings and other activity will resume. We anticipate a surge in new listings in the next few weeks and will monitor the market closely for pricing trends. In the meantime, here is an update on the first half of June: Negotiability
The most recent Compass negotiability survey, which tracked offers made in Manhattan and Brooklyn from May 16th to June 15, was fairly consistent with data from earlier in the month. Brooklyn buyers seem to expect less negotiability than Manhattan buyers, while Brooklyn sellers have been much less willing to entertain offers more than ~5% below-ask than their Manhattan counterparts.
In Manhattan, 36 total offers were reported, with a median negotiability range between 7-9.9% below-asking for the 24 successful offers (although notably, 54% of accepted offers were at least 7% below-asking. Of the 12 rejected offers that were reported, all but three (75%) were at least 10% below-asking, with a median discount range between 15-16%.
In Brooklyn, 46 offers were reported, with 31 accepted (median negotiability range 1-3.9%), and 19% of these were at no discount from the listing price. Interestingly, median negotiability for the 15 rejected offers was not much higher -- 4-6.9% -- indicating buyers in Brooklyn have been far less inclined to offer significantly below asking than in Manhattan. Activity
The first half of June saw a 37% increase in new listings in Manhattan and a 32% increase in Brooklyn compared to the second half of May, but overall, new listings across both boroughs were down more than 36% versus the same time period last year. Contracts signed between June 1 - 15th were also down 70% in Manhattan and 52% in Brooklyn this year compared to last. Details below: