New Manhattan Chamber Dashboard Tracks Spike in NYC Real Estate Interest

Page views of New York City real estate listings have “exploded” recently, even as foot traffic and the numbers of restaurant diners and regional airline passengers have declined significantly, according to a new data collection posted by the Manhattan Chamber of Commerce.

The data points are part of the chamber’s new “Indicators of Progress,” which tracks information sources such as real estate views to monitor how the city’s economic and business activities are rebounding as COVID-19 shutdowns ease.

“It’s critically important that we have accurate, comprehensive data on hand to guide and monitor key factors for the city’s reopening,” Michael Kempner, chairman of the Manhattan Chamber of Commerce, said in a prepared statement. “With the launch of our critical ‘Pivot to Win’ strategy, we are providing resources to help businesses survive – and thrive – during the pandemic.”

The dashboard is compiled by eIMPACT using open source data and will be updated weekly.

Views of Zillow real estate listings for New York City are up over 76 percent for the same time last year, according to the July 24 dashboard. The increase reflects a general surge in online property views that started in May.

Why the increased real estate interest? “There could be many reasons why New Yorkers are suddenly interested in finding new living spaces,” the chamber said in a press release.

For-sale inventory on Zillow is more than 20% lower than it was a year ago, according to the dashboard. Building permits, too, for all types of construction are down significantly over 2019, though their numbers have risen steadily since April.

Other statistics reflect a city still struggling to find its footing after months of pandemic-related restrictions. Foot traffic remains down 46% compared to the days before COVID-19 throttled the region. The number of seated diners at restaurants has slumped by 94% since this time last year, even as the city has expanded outdoor dining options.

Unemployment is still far higher than it was in 2019 although hiring picked up in May.

“But the number of job postings remains flat in many key industries, suggesting that some businesses are rehiring former employees but few new jobs are being created or new employees being sought,” the report concluded.

The dashboard also shows the disbursement of Paycheck Protection Program loans and the number of COVID-19 cases per 100,000 people by zip code.