As summer comes to a close and many have checked out until Labor Day, I thought I'd try another GIF animation (after the jump!) to illustrate the long fall of inventory (I'm on the "pronounced like 'Jif' peanut butter" team, as is the format's inventor). August generally represents the annual low for inventory (even though fourth quarter of 2013 was quarterly record bottom, August 2013 was the record monthly bottom). I thought I'd show the last decade worth of inventory and provide some context to how low inventory actually is. I trended Manhattan co-op/condo inventory by quarter over the past decade. The last segment of the chart, displayed above, shows July 2014. Although August isn't shown in the GIF chart, but as of yesterday, inventory for this month has fallen from July levels, as expected.
A few observations about inventory:
Averaged 7,089 units over the past decade.
July total was 48.1 percent below the decade peak of 10,445 in 1Q09
2Q14 was 13 percent above 2Q13
July total was 30.9 percent below the ten year average.
Over the past 14 years, the average inventory monthly bump after Labor Day has been 8.8 percent.
· Miller Samuel [official]
· Three Cents Worth archives [Curbed]