Manhattan saw 282 listings added to its real estate roster by August 16, 2021, while 302 contracts were signed — almost 100 more signings than the historical average, according to UrbanDigs, the real estate tracker for New York City. Dwindling supply and ever-increasing demand has put immense pressure on buyers who are hunting for a home in the Big Apple. However, CoreLogic Property Data Marketplace (Trestle) will now serve as the Residential Listings backend data distribution platform to deliver streamlined access to NYC property listings.
Last year, young professionals who were still working in the city had the opportunity to afford luxury real estate at a pandemic discount price, due to the temporary out-migration from the city. In January, rents fell 15.5% in Manhattan and 8.6% in Brooklyn and Queens. In Manhattan, the median asking price came down to $2,750, the lowest it’s ever been since March 2010.
Resourceful urbanites flocked to the city and were able to snatch up prime real estate for a $1,000 discount, on average. In a hard-to-navigate market, finding deals like this can feel like striking gold. But, that rare window of opportunity closed when the city re-opened in May 2021, and residents returned home. By July, new leases were up 54.7% year-over-year, according to the Streeteasy data tracker.
“If you know anything about New York City real estate, you know it’s a complex market unlike any other,” said Scott Little, executive for CoreLogic Real Estate Solutions. “Together, REBNY and CoreLogic have dramatically simplified the process of licensing, acquiring and using NYC listing data. We invite anyone using REBNY’s native data to see how much easier it is to work within the CoreLogic Property Data Marketplace.”
Real Estate Board of New York selected CoreLogic’s data marketplace (Trestle), so vendors can now connect to a high-volume interface and easily obtain standardized real estate listing data from REBNY’s Residential Listing Service (RLS). Also, CoreLogic's Trestle leverages the RESO Web API to ingest and distribute data effectively and flexibly.
“REBNY serves one of the world’s most dynamic real estate markets and we’re constantly looking for proactive ways to innovate with listing data,” said Ninve James, REBNY’s senior vice president of the RLS. “We’re thrilled to team up with CoreLogic to offer our residential members an improved and centralized backend system to better manage and distribute their data. Trestle will be fed listings via the Elastic Listing System powered by Perchwell, and this synergy will provide an easier, faster, more efficient mechanism for our residential members and valued vendors to access our listing data.”
