The 2000-2009 Manhattan Market Report that I author for Prudential Douglas Elliman was released today. (I have been light on posts and podcasts in January – releasing 9 market reports in a month may have something to do with it.)
I have always referred to this report “The Phonebook” for its 61 pages of data largess. This report is downloaded more than all other quarterly studies we produce, combined.
Dottie Herman, the President/CEO of Prudential Douglas Elliman whose name adorns the report is a big believer in historical information as a companion to cutting edge data to provide a better perspective.
Approximately 92,000 co-op and condo sales transactions from more than 6,500 buildings over the last ten years were analyzed. Each of the 53 different market areas have been presented with data tables and charts as well as a summary matrix that compare 2009 to the prior year (2008) and prior decade (2000).
…There were 6,851 listings on the market at the end of 2009, 24.6% less than 9,081 listings in 2008, which was the highest level of inventory in the past decade. The 2009 inventory level was in line with the 6,860 average annual inventory level of the past decade. This resulted in a monthly absorption rate of 11.1 months, up from a rate of 10.6 months in 2008 and above the 9.2 monthly average over the past decade. The cause of inventory decline in the first half of the year was the trend of sellers removing their property from the market in hopes of re-listing when market conditions improve substantially. The decline in inventory in the second half of 2009 was attributable to the surge in sales activity simply working off the properties on the market…
Download the 2000-2009 Manhattan Market Report