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Manhattan Listings Break Out in Hives

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[This week, real estate appraiser, Curbed graph guru, and podcaster extraordinaire Jonathan Miller returns to his regular Thursday resting place to take some inventory.]

Back in the fall of 2008, we decided to start tracking Manhattan listing inventory on a weekly basis rather than a monthly basis, and we added a bunch of other characteristics including the apartment size category. The only objective here is to show how listings for each apartment size performed during this recent period of market turmoil.

The two largest segments of the market, 1-bedroom (red) and 2-bedroom (gray) apartments, have been in lockstep until the beginning of 2010?when 1-bedroom inventory rose more quickly. Since there are generally more sales of 2-bedroom apartments, it's beginning to look like activity for 1-bedrooms may be getting softer.

Studios (blue) and 3-bedrooms (black) are strangely consistent. Prior to Lehman's bankruptcy, studio sales were 2-3 times the number of 3-bedroom sales, so this also suggests a brisk 3-bedroom market given how much listing levels of 3-bedroom apartment inventory has fallen since late 2008. The biggies, 4+ bedroom listings, have also drifted lower over the past six months due to the increase in high end activity.

Since the beginning of the year listing trends are now more consistent with past experience, unlike during the sting of 2009.
· Manhattan Co-op/Condo Weekly Listing Inventory by Unit Size [Miller Samuel]
· Three Cents Worth archive [Curbed]