And again, in the same vein as last week’s post, today’s chart of the day shows that the trend of negative statistics continues for the Manhattan / NYC real estate market.
Seasonality is not a big theme in this chart, as we are in the middle of the prime selling season. Typically new listings coming on the market trend strongly higher to meet the demand that the selling season brings, and this year is no different. What IS different is the sheer # of listings. Usually the Supply will continue to increase until about June / July, and then drop off as the summer vacation period slows interest. And in healthy market’s those properties will be eaten up by the demand (Pending Sales). But look at the level hit by this morning’s readings, 4.779. That # is higher than any number reached in 2015, 2014, or 2013. In fact you have to go back to late 2012 to find a higher number of properties for sale in NYC. The amount of buying just is no longer outpacing supply. And these trends will soon show up in price.
Now we know the last three and a half years have been very strong in the city, and we know that a big driver of that strength has been the widely publicized “Lack of Inventory”. Ladies and gentleman, that issue is no longer with us. And as posted in a number of my previous missives (the 1st is available for viewing by clicking on the link below), the issue will soon no longer be “Lack of Inventory”, but “Too Much Inventory”.
Today’s data offering was produced through the generosity of one of our colleagues, Noah Rosenblatt of Urban Digs. If you are interested in a strategy that can turn these trends into profitability for you, give The ReisNYC Team a call at 917 435 4870, shoot us an email at [email protected]
Note: Originally posted 4/18/2016 on previous website.
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