3-MTH Demand Check For Manhattan N'hoods

Posted by urbandigs

Mon Feb 13th, 2012 09:22 AM

A: The last check was December 17th, 2011 and before that it was October 17th, 2011. Lets see which neighborhoods are leading the way this time.

Notable Neighborhood Moves since mid-November:

-- Tribeca saw demand surge from 13.6% to 43.2% over the last 3 months
-- East Harlem saw a slowdown in demand after a late 2011 rise
-- Midtown East sustained its recent rise of about 17% in demand
-- Gramercy/Flatiron market continued to slow down since early November with a 16.7% decline in pending sales over the last 3 months

Here are all the Manhattan neighborhood trends we track:


Tribeca: +43.2%
Soho/Noho/West Village: +24.7%
Fidi/Civic Center: +18.8%
Midtown East: +18.7%
Chelsea/Midtown South: +10.6%
Midtown West/Clinton: +7.3%
East Harlem: +4.8%
LES/East Village/Union Square: +3.9%
Upper East Side: +3.3%
Upper West Side: +0.9%
Murray Hill/Kips Bay: -12.3%
Battery Park City: -13.3%
Gramercy/Flatiron: -16.7%
Inwood/Wash. Heights: -18.9%
Harlem/Morningside Heights: -23.9%
Harlem/Hamilton Heights: -28.2%

I'll continue to do these 3-MTH DEMAND checks every few months and mix in supply trends every once in a while. If there are other types of trends you would like to see, ask away in the comments section and Ill publish a link if our system has the functionality to meet your requests.

The market to me is actively picking up over the last 3 weeks. Weekly deal volume continues to be over 200, but the currently 30-day pace is still yet to break and hold the 700 level. When it comes to tracking the monthly pace of demand I often refer to the Real-time Listing Updates table (a.k.a market ticker, subscription required) to show us which way the market is ticking right now. Right now the 30-day pace of new deals signed is around 680 - up from high 500's in January but still below levels seen over the last two Februarys. Knowing where that 30-day deal volume number is and where its coming from tells us as accurately as possible how active the marketplace is right now - use this table for interpreting the 30-day pace of new deals signed:


Subscribers can also quickly check historical months of new deal volume by clicking on the "Broker Y-o-Y Updates" tab in our Charts section. Exciting new tools are on its way - hoping to go live by end of April...Cheers!