The pandemic has forced people to question whether now is the right time to look for condos for sale in the densely populated NYC.
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 to look for NYC condos for sale. 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 NYC condo prices are 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 NYC 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
With Marketproof New Development, you can easily search both publicly listed properties and unlisted off-market properties not available on popular listing sites. Marketproof can increase the inventory you see by 9-10x what you may see on other sites. Create an account today and get a 7-day free trial.
Top photo courtesy of Front and York.