Why New York Listings are on the Decline

Listings in Manhattan have significantly dropped since the stay-at-home order was officially put in place. 

Premier property portal, UrbanDigs, reported the number of contract signings and new listings has fallen greatly when compared to the same time last year, and listings have been taken off the market more often and faster since the beginning of the month than what was expected. Specifically, the portal reported an 85% decline in listings from 2019. 

Though the number of those staying inside because of quarantine means that more users are online than normal, portals are reporting less traffic compared to the same time last year and dwindling listings that only seem to trickle down. 

The market is struggling and as the world deals with the consequences of the novel COVID-19 virus, the numbers are expected to ebb and flow. But US consumers are resilient and though things are dipping now, online marketplaces are keeping hope that that resilience lasts these next trying days.