[This week, podcaster and Curbed graph guru Jonathan Miller says size matters when it comes to inventory.]
This week I plotted the number of available listings on the market on a per-week and number-of-bedrooms basis, with data going back to the beginning of the year. We started to collect weekly totals of listings by size last November. Prior to that we collected this data monthly for about nine years, but not on a number-of-bedrooms basis, so I can’t compare 2009 against the same period in previous years or by bedrooms weekly.
The above chart shows the percentage change from the prior week, and seems to show that inventory stopped growing for all apartment sizes in the beginning of the second quarter. The stabilization of inventory growth reflects the seasonal increase in demand during the spring market. As more units are sold, inventory-growth slows down and stabilizes.
Entry-level apartments such as studios, one-bedrooms and small two-bedrooms are accounting for more current contract activity than normal, so it is somewhat surprising that the larger apartment inventory-growth is stabilizing as well. While there are a rising number of high-end apartment sales occurring, I still wonder if the drop in inventory is simply a greater reluctance to list high-end properties at this time, with sellers waiting until the market improves.
· Manhattan Co-op/Condo Weekly Inventory % Change by Apartment Size [Miller Samuel]