Last week we released our 3Q 2009 Manhattan Market Overview and it showed some better stats than we have seen in the prior couple of quarters: sales activity jumped from last quarter, prices moved sideways and inventory continued to fall.
The combination of these metrics suggest that things are not deteriorating as quickly as they had been since the 9/15/08 Lehman tipping point, but it still doesn't show that we have found some sort of bottom for the Manhattan housing market. With high unemployment, shadow inventory and tight credit, I would think we have a while to go before things stabilize. Still, it's better news than we have received as of late and I'll take it.
In this chart I was trying to show some general trends by simply using median sales price adjusted for inflation and listing inventory. After peaking in early 2008, prices have been trending lower (1Q 09 skew caused by the blockbuster 15CPW/Plaza sales). Despite the decline in listing inventory, we are still about 1,500 units above the average level for the past decade.
Moving sideways? For now.
· Manhattan Inflation-Adjusted Median Sales Price v. Listing Inventory [Miller Samuel]
· Market Reports: Manhattan Free Fall May Be Over [Curbed]
· Previous Three Cents Worth [Curbed]