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Manhattan Market Report | 1Q 2020

To no one’s surprise, the coronavirus pandemic has made a dent in NYC residential real estate. The unexpected pandemic unearthed a never seen before economic state in the U.S. and globally. Its effect is reflected by reduced sales and stagnant markets in all NYC neighborhoods.

New York City, the current US epicenter of the virus, has been significantly impacted. Open houses and showings were cancelled, taking an inevitable toll on market activity in the last weeks of March. If the anticipated trajectory of the virus holds, we’re at the beginning of this curtailed real estate activity.

Like the virus, the state of the real estate market remains in uncharted territory. Given the current conditions in New York City and the 30-day extension of national containment guidelines, we anticipate a significantly softer market in Manhattan for at least the next 30 days. Recent stock market performance and the overall stressed economy will certainly be contributing factors in overall activity.

We hope that everyone stays safe and healthy and that our report provides useful information during this unprecedented time.

Full Q1 2020 Manhattan Market Report:

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