Real estate contracts for Manhattan apartments dropped by 84% in May and early data shows a flight to the suburbs.
There were a total of 160 contracts signed in May for Manhattan apartments, compared with 992 in May of 2019, according to UrbdanDigs.
The pain in Manhattan real estate will be felt most at the top — where an oversupply of pricey new condo towers and penthouses were already weighing on prices. There were a total of 160 contracts signed in May, compared with 992 in May of 2019, according to UrbdanDigs. The number of new listings has also plummeted, down 71% to 574, as sellers decide to keep their properties off the market until the city starts to reopen.
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