This week I broke down the Island by region to see if listing levels changed, or if we are all in this together. The regions are parsed out in the same way that the sales are in our report series. It would be better to look at the neighborhood level but we'd see 25+ lines and the ire of Curbed readers for violating the 4-max data point rule. I picked the last 6 months rather than the entire year to focus on what is happening right now.
The post-Labor Day spike in the number of listings, while seasonal, shows how this time of the year sees one of the most significant changes in inventory (the August lull to the November uptick in sales). Inventory falls sharply at the end of the year as sellers pull their lingering listings from the market after the fall selling season. Contract activity appears to have cooled quite a bit now, so I would expect a bigger jump in listings after the first of the year.
And the 4 regions really aren't that different. East Side, West Side and Downtown are very much in sync for much of the period. Uptown has the same general pattern but the small data set creates a lot of noise.
East Side, West Side and Downtown show a much wider spread over the past months as the West Side saw a much sharper decline in inventory. I haven't observed a disproportional increase in activity compared to the other regions that would drain the West Side's inventory like that. Am I missing something? What's going on, UWS?
· Manhattan Co-op/Condo Listings by Region [6-Month Window/Monthly Percent Change] [Miller Samuel]
· Three Cents Worth archive [Curbed]