And then this happened: “Pfizer’s Early Data Shows Vaccine Is More Than 90% Effective“
This tells us that Wall Street believes that NYC will rebound when there is a vaccine.
(Update: As more announcements come, the prices of these stocks continue to rise)
According to Marketproof analysis, many NYC condo buyers believe this too — and they didn’t wait for news of a vaccine. Look at this chart for contracts signed for NYC condos, which shows a dip in activity from April thru June. Then in June, sales started picking back up again. Now the volume is where it was before the pandemic began.
Does an increase in volume mean prices going up?
Prices peaked in June 2018 and have been declining since. (Further reading: Why the SALT deduction is important for New Yorkers)
Covid-19 is simply continuing a trend that was already in motion.
One reason prices are declining is because the mix of what was built does not align with what people want, according to Marketproof Data. In addition, there are simply more condos for sale than there are buyers right now.
So, if you are a buyer, now is the time to shop for a new condo. Depending on your appetite for risk, there are different strategies you can use.
Using Marketproof New Development
View more than 11K unsold condos currently available in Manhattan, Brooklyn, and Queens using Marketproof New Development. We have 90% more new condos than other popular listing sites. Use our market reports, analysis, and content to help you get the best deal.
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Top photo courtesy of Front and York.