This week I am literally long on graphics and short on text. I used the same approach as two weeks ago but divided the market into easier-to-view scaled segments and then placed them on top of each other aligned by years. A few things stood out:
· The distinct void of sales in the first half of 2009 was consistent through all price strata (i.e., credit crunch impacted all segments, at least initially).
· The middle of the market $1M-$3.9 (well, just above the middle) showed the highest concentration of sales in 2007-2008.
· The sub-$1M market was a key driver of activity from 2003-2006 with a similar density at market peak in 2007-2008. At that time I described it as a "bottom up recovery." All other segments roared in 2007-2008.
· The bottom of the sub-$1M market lifted upward at the 2007-2008 peak and has maintained that position ever since.
· The market below $3M showed a higher mid-year concentration of activity than the higher priced properties. Activity above $3M seemed more diffused over the last two years than their lower priced counterparts (i.e. seasonality).
As an aside, I also created the tallest single chart in the history of Manhattan real estate using the same data just for fun. Guinness Book of World Records: are you paying attention?
· Matrix [matrix.millersamuel.com]
· Three Cents Worth archive [Curbed]