New York City real estate purchase agreements were locked in a near standstill in May as the COVID-19 pandemic blocked realtors from in-person showings.
The number of contracts signed for co-ops in Manhattan fell 80 percent from a year ago to 125 while condo deals dropped 83 percent to 99, according to a report from brokerage Douglas Elliman prepared by appraiser Miller Samuel. In Brooklyn, co-op signings plunged 76 percent to 24 and condo agreements sank 44 percent to 74.
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“Because New York City remains under strict ‘Shelter in Place’ rules, the number of new signed contracts will remain nominal until brokers are allowed to physically show properties, which is anticipated to occur towards the end of June or early July,” the report said.
Since the last two weeks of March, stay-at-home orders meant to slow the spread of COVID-19 have forced agents to give only virtual tours of listings. The virus has infected at least 385,000 New Yorkers.
source:fox
