Wanted to share a new toy I got on my development machine. When we push out our next site wide iteration our chart rooms will allow users to select multiple price points – so that we can more accurately chart out all the metrics we need to track a hyperlocal marketplace. The last 18 months has proven that Manhattan is very much a price point specific marketplace; and its both worthy & valid for producers and consumers to have access to this added layer of transparency. In short, whats going on in the low end is much different than whats happening in the high end! Lets discuss and see a preview of whats to come here on UrbanDigs!
The UD system has the following price point tiers:
$0K to $600K | $600K to $1M | $1M to $2M | $2M to $5M | $5M to $10M | $10M+
LOW END —————————————————- MID END————————-HIGH END
MANHATTAN 1YR – DAYS ON MARKET TRENDS BY PRICE POINT
Here are a couple of key points I can tell you about Manhattan’s price points based on the chart above.
The high end of the Manhattan market started to roll over in late 2014 / early 2015
The $2M and under market remains quite tight (supply) and much less impacted by recent price action softness
The gap between $5M and over vs $5M and below has been widening for 3 months now – Perhaps this is the dividing line for Manhattans Tale of two markets?
This metric seems to be another confirmation that the peak of the market for all price points was on or about June 2015
The higher the price point…the harder the recent soft patch hit
If you are a seller in the $3M and under marketplace, you may not have felt anything other than seasonal or property specific weaknesses. If you are a seller in the super luxury sector trying to flip a $20M Condo you bought in 2012, you will definitely be noticing a change in the marketplace. That is the nature of this recent deflationary episode on the Manhattan marketplace as I see it. Its very price point specific.
I guess all market shifts are price point specific, but before we had no way of quantifying them in charts. In time we will push this and many other new features out. Good stuff coming!