As of Friday, July 31, we finished our fifth full week of being “open for business,” a process that began in New York City’s Phase 2. While the first two weeks were extremely slow, the last three weeks have seen a flurry of buyer activity. What we’re finding, over and over again, is that price is king! We don’t have firm numbers or percentages off asking price yet, but if sellers aren’t willing to negotiate, buyers have plenty of new and existing inventory to choose from.

At the time of reopening, resale inventory sat at 5,063. We currently have over 7,500 resale listings on the market, with anywhere from 400 to 600 new listings coming onto the marketplace each week. Astounding numbers! Will it continue? I have to say yes. I believe our market listing inventory will exceed 8,000 in the next two weeks. Unprecedented times call for unprecedented actions. Buyers are out in force. Many people are breaking leases and leaving the city. There is a mass exodus of families leaving for the suburbs who are experiencing bidding wars galore. And yet activity, recently, has been through the roof. All of these things are happening at once while we’re still battling a pandemic and facing an extremely polarizing election just on the horizon. Incredible times we live in.

That said, interest rates for conforming loans fell under 3 percent, and you can still get a jumbo mortgage for 3.28 percent, which is very good. With pricing adjusted to post-COVID numbers, and a little bit of negotiation to boot, buyers are getting some great deals. It really does feel like the nonexistent Spring 2020 market shifted to mid-July, and it just seems to be getting busier. I’ve never seen so many people who want to list apartments concurrent with a huge number of buyer appointments — it’s practically overwhelming. To deal with the rush, The Hoffman Team has hired a second showing agent. At the time of this newsletter, we had seven contracts signed for July and 11 accepted offers/contracts pending. Incredible numbers for a not quite post-pandemic market.

Hats off to Compass Founder and CEO Robert Reffkin. He predicted that the 18 months after lockdown would be the busiest in Manhattan real estate history. If this pace keeps up, he’ll be right (as usual). :-)

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Q2 2020 Brooklyn Market Report

Q2 2020 Manhattan & Brooklyn Market Reports

As we continue to experience these unprecedented times, we are here to provide valuable insights into the real estate market so you can stay educated and informed. We are pleased to share our Q2 2020 Manhattan Market Report and Q2 2020 Brooklyn Market Report, highlighting the prevailing trends shaping the market.

- FYI -

Visit the Zoo!

After months of closure due to the pandemic, the Bronx Zoo, Prospect Park Zoo, Central Park Zoo, and Queens Zoo have partially re-opened! The current experience will be outdoor exhibits and grounds only, and date-specific tickets must be reserved in advance. Learn more here!

36 of the Best Grilling Recipes

Fire up the grill and try one of Better Homes and Gardens' favorite grilling recipes. Choose classic main dishes—grilled chicken, steak, burgers, salmon, ribs, and more—or a delicious side, like grilled corn or pineapple. Dessert is even covered—all fresh off the grill.