[This week, Curbed graph guru Jonathan Miller hits the discount bin.]
[Click to expand.]
In the five-year window presented, the listing discount follows the same trend as the amount of inventory on the market. The listing discount is the percentage difference between the list price and sale price at the time the apartment went to contract. More inventory means more competition for sellers to price their properties correctly.
As the housing market weakened in 2008?as measured by rising inventory?the listing discount expanded, reflecting the greater distance a seller would have to drop their price to "meet the market." Listing discount spiked in 4Q '08 and so far this year (January) continued to remain at that higher level, returning to discounts seen in the earlier part of the decade.
In other words, it's a different market.
· Manhattan Co-op/Condo Listing Inventory v. Listing Discount [Miller Samuel]
· Previous Three Cents Worth [Curbed]
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