{July 2020} Is the NYC Real Estate Market Healthy? First Month Post Lockdown Tells us

I cannot believe we are in August! It is so true that the days are so slow but the years are so fast, even during this crazy time. Hope you are all coping well and looking forward to a real vacation like I am.

July marked the first full month since the NYC real estate market exited the lockdown. All eyes were on July to gauge how healthy our market was. From March to June, inventory plummeted, so did in contract listings. For that period, the number of new listings stood at 36% of last year’s level for the 4-month period. In-contract listings went down to 32% of last year’s number. Overall, supply and demand were in balance during the lockdown. Now in July, ~2200 new listings hit the market. To put this in perspective, that was how many listings came on in each of April and May last year. We are now seeing the delayed spring selling season in terms of inventory. On the transaction side, July saw 507 listings go into contract. In a normal year, during the slow months of December/January, July/August, about 600 listings go into contract. These numbers made sense since we had the pent-up supply from the spring sellers, but many of our buyers were not here yet. 

I am seeing some good deals out there, which I have no doubt will make a good investment for their buyers.  

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What features/amenities do people value? This article talks about the changing trends in amenities tenants want in the context of the pandemic. But buyers should also take note for their resale value.  

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Lifestyle Tips & Tricks

Safe and Family-friendly Outdoor Activities to Keep Kids Entertained

Patch has compiled a list of safe activities to keep the family busy outdoors. All of these activities can be done wearing a mask and with social distancing practices in mind. Find your next great family bonding experience and reduce everyone's stress.

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