This spring has been one of the more active Manhattan real estate markets I have seen in a few years, contrary to much of the rest of the country. The high number of sales have eaten into inventory levels bringing them in line with the average for the past five years. Total Manhattan co-op/condo inventory at the end of May 2007 was 5,456 units, down 25.7% from May 2006 and down 11.7% from April 2007. Inventory levels at the end of May of 5,456 units is actually below the 5 year average of 5,598 units, which includes the recent peak of 2006 (June 2006, 7,640 units) and trough of 2004 (December 2004, 3,922 units).
This week I presented total inventory levels of Manhattan co-ops and condos each month (purple). Rather than expressing co-ops (pink) and condos (blue) as a percentage change from the same month in the prior year, I used the actual change in the number of units to give a more granular presentation of the shift in inventory. Co-ops dropped 337 units from the prior month and condos dropped 389 units.
· Manhattan Total Co-Op/Condo Inventory [Miller Samuel]