3-MTH Manhattan Sub-market Pending Sales Check

Posted by urbandigs

Wed Aug 24th, 2011 10:27 AM

A: Lets try something new here and take a look at the most recent 3-month trends of demand (pending sales) for all the Manhattan sub-markets in the UrbanDigs tracking system. Lets see who the over/under-performers are given the volatility in equity markets lately and the end of the active season. The results may surprise you.

Please remember that the real-time UrbanDigs system was engineered to eliminate both stale listings and listings exposed to ongoing data integrity breaches; making the final inventory count much lower than comparable reports. This was necessary to ensure the highest quality data analytics for Manhattan real estate. As with any analysis, data quality and sample size are of utmost importance. For neighborhoods with too little data, we grouped together more zip codes around the immediate area to get a larger sample size in order to show a better representation of any trend.


Chelsea/Midtown South: +9.6%
Inwood/Wash. Heights: +8.8%
Murray Hill/Kips Bay: +7.7%
Fidi/Civic Center: -5.3%
Tribeca: -11.8%
Gramercy/Flatiron: -13.4%
Midtown East: -14.2%
Soho/Noho/West Village: -17.1%
Harlem/Morningside Heights: -18.7%
Harlem/Hamilton Heights: -20.7%
Upper West Side: -21.7%
Midtown West/Clinton: -21.9%
Upper East Side: -23.4%
LES/East Village/Union Square: -23.7%
Battery Park City: -28.6%
East Harlem: -30.8%

*Subcriber now to further break down trends by # of bathrooms and price point

The Leaders --> Chelsea/Midtown South, Inwood/Wash Heights and Murray Hill/Kips Bay

The Laggards --> East Harlem, UES, UWS, Midtown West, LES/E.Village/Union Square, Battery Park City

Interesting indeed. Buyers and sellers should be cognizant of not only what the Manhattan market is doing, but what their local sub-market is doing as well. As you can see, different segments of the Manhattan market are bucking the trend with a recent rising pace of demand even in the face of extreme volatility and a general seasonal slowdown.

I'll try to find time to a similar post on supply trends tomorrow.