There were only 52 new listings in Manhattan during the second week of April.

New listings in Manhattan — the most densely populated borough in the epicenter of the nation’s COVID-19 outbreak — plummeted by 89 percent year over year during the second week of April, according to a new study from UrbanDigs, a residential listing analytics platform.

In total, the platform — which pulls data from the Real Estate Board of New York’s residential listing feed — found that there were only 52 new listings in the second week of April, compared to 476 during the same week of 2019.

“As the nonessential real estate market pause enters its fourth week, Manhattan markets continue to see a net reduction of supply as new inventory coming to market remains low,” Noah Rosenblatt, the CEO and founder of UrbanDigs said, in a statement. “One thing seems clear, new inventory is falling at a faster pace than new deal activity.”

There were only 55 contracts signed during the week, compared to 243 the same week in 2019, a decline of 77 percent. The median asking price for homes dipped to $850,000, compared to $1.09 million in 2019.

“Demand, as measured by remains constrained as buyers attempting to price in steep discounts are increasingly met with sellers who are likely to wait it out and bide their time,” Rosenblatt added. “This widens bid/ask spreads and creates a very thin marketplace to do deals in. We will likely have to wait several months for price discovery on deals being signed into contract today.”

New York City is perhaps the market where the slowdown in the industry due to stay-at-home orders is the starkest, but plenty of other markets like Washington, Texas and Wisconsin are seeing an impact.

Email Patrick Kearns

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription