[This week, chartman Jonathan Miller slices and dices the rise in Manhattan apartment inventory. The full rundown below. Click on the image to expand. BONUS: Think you can cut this data better yourself? Go download a table from Miller Samuel's website, which now offers market data from 1989 through last quarter.]
Manhattan, like most metropolitan markets, has seen apartment inventory rise over the past year. (According to a recent survey by The Wall Street Journal, condo inventory was up 91% in Boston, up 39% in Philadelphia and up 230% in Washington, DC.) I analyzed overall Manhattan listing activity (new + re-sale), comparing May 2005 to May 2006, which showed a 65.2% increase in total inventory. I also broke it out a few other ways. The resulting 4-squared chart shows the number of units available by type, the percentage change by type over the year, as well as pie charts for each year showing the change in market share.
There was a larger gain in the number of condos over co-ops available over this period. We counted an addition of 1,565 condos that remained unsold compared to a year ago versus 1,386 more co-ops (and 116 more townhouses). New development activity has been accelerating the change in the mix of properties that are sold over the past several years.
· Inventory Four Ways [Miller Samuel]