Inventory Check - New Listings
A: I thought it would be interesting to check out how much inventory came to the market in the past 7 days, in all the neighborhoods of Manhattan (excluding Harlem) for certain price ranges. Below is a chart of how many new listings our central system shows based on pre-determined price groups.
Neighborhoods Included: Central Park South, Chelsea, Clinton, E. Village, Financial District, Gramercy, Greenwich Village, Little Italy/Chinatown, Lower East Side, Midtown, Murray Hill, SoHo, Sutton Area, Tribeca, Upper East Side, Upper West Side
NEW INVENTORY FROM 5/10/2006 - 5/17/2006
As you can see the most new inventory that came to the market in the past 7 days were for properties priced between $501K-$999K! It is suprising to me that there were an equal number of new listings that came to the market for products between $1M-$2M & $0-$500K. I would expect that more listings under $500K will come to market as the lower end products in Manhattan have held up pretty strong in the face of the housing slowdown; probably because buyers have been priced out of the higher end markets and winded up settling for a smaller studio or Junior 1 bedroom.
I'll continue to do these inventory checks going forward to get a better idea of how inventory is changing in Manhattan! If you have any suggestions as to how I can better these charts, please let me know!!
For more detailed charts and housing data check out Superstar Appraiser Jonathan Miller's blog Matrix for the latest in depth information on NYC housing. Also check out his weekly 'Three Cents Worth' column on Curbed.com!!
