gettyThe Manhattan real estate market is currently in better shape now than it was during the peak of the Great Recession, according to a recent analysis by real estate market data firm UrbanDigs, though it remains to be seen how far it has to fall. The report compared supply and pending sales, as well as "market pulse," which is the ratio of pending sales to supply. After the pandemic shut down the real estate market entirely, the abrupt drop in pending sales boosted supply, but not at the pace seen in 2007 during the Great Recession. “Comparing COVID to the Great Recession is ultimately an apples-to-oranges comparison, says Walkup, UrbanDigs’ chief operating officer. NYC real estate felt the first tremors in late 2007 and did not fully recover for five years.

Source: Forbes August 25, 2020 20:28 UTC