Thoughts A noticeable downshift from last year yet the market remains brisk. Nearly all price segments are showing slower absorption rates with more weakness seen above the $3M threshold (roughly where the luxury market begins i.e. top 10%).
Side by side Manhattan regional comparison:
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.
Manhattan Market Absorption Charts [Miller Samuel]