8-2014Manhattan[click to expand]

Thoughts Not a big difference from last year. Sub-$3M is generally very tight with not much variation between price categories in each region. There isn’t much difference in the $10M+ market. Condos are slower than co-ops overall, but not by much. The difference is being seen in the $5M to $10M, which is moving more slowly moving than it was a year ago.

Side by side Manhattan regional comparison:

August 2014 v 2013

8-201408-2013[click images to expand]

I started this analysis in August 2009 so I am able to show side-by side year-over-year comparisons. (I got tired of the red/gray look in 9-2014 so I changed it) The blue/red line shows the 10-year quarterly average for context. The pink/orange line represents the overall average absorption rate of the most recently completed month for that market area. 

Definition
Absorption defined for the purposes of this chart is: Number of months to sell all listing inventory at the current annualized pace of sales activity in our market report series.

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Manhattan Market Absorption Charts [Miller Samuel]

3 Comments

  1. Gabe Sanders September 14, 2014 at 12:05 pm

    Great stats. Can you tell me why co-ops sell faster than condos?

    • Jonathan Miller September 15, 2014 at 12:20 pm

      There are a lot of new development sales in the mix and those sales take longer – a lot of units marketed in one location entering the market at the same time.

      • Gabe Sanders September 15, 2014 at 12:24 pm

        Thanks, Jonathan.

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