Weekly Inventory Check: 243 New Listings
A: A week ago I posted on NEW LISTINGS to hit the Manhattan housing market in each month so far this year. If you missed it, check out the inventory check here. I was surprised to see a consecutive increase in new listings in each of the months of 2007; as opposed to a decline of new listings that would help explain today's very tight sales market. At the time I did a check on July after only the first holiday week of the month and it came out to only 108 new listings. So, I just wanted to do a quick checkup on how the month has fared since, after the holiday slowdown passed. What I found is that in the past 7 days (July 7 - July 13) there has so far been 243 NEW listings to come to market.
Neighborhoods included: Beekman, Carnegie Hill, Central Park South, Chelsea, Clinton, E. Village, Fin District, Flatiron District, Gramercy, G Village, Little Italy/Chinatown, LES, Midtown, Murray Hill, SoHo, Sutton Area, Tribeca, UES, UWS, W. Village
Of the 243 NEW Listings, only a few are new development listings which include units released for:
50 Orchard - 12 New Listings
100 RSB (Avery) - 5 New Listings
650 6th Ave - 3 New Listings
2628 Broadway (Ariel East) - 5 New Listings
2112 Broadway (Apple Bank Condo) - 2 New Listings
So only 27 of 243 new listings are from new developments. I think that is fairly healthy for the market with approximately 216 new existing units hitting the marketplace in the past 7 days (aprox 31 new existing units/per day). If we continue this trend we would see approximately 591 new existing units hitting the marketplace by the end of July! It would be a nice recovery after the very slow first holiday week of the month! Lets see how it pans out. Personally, Im still not seeing any difference for my clients!
