Mar
11

Manhattan’s Inventory Skyfall

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Real estate appraiser, Curbed graph guru, blogger, and podcaster Jonathan Miller presents some startling inventory stats.

 Lack of inventory is one of the biggest housing market complaints these days.  One would think that sellers would be rushing to put their apartments on the market given the low competition but they’re not.    There are a few reasons for this dichotomy:

  •  Many sellers can’t sell:  they’re either upside down in their apartment or don’t qualify to trade up. 
  • February inventory was as far below the 10-year average as it was above the average in Feb 2009.
  • Inventory is 51.3 % below the same month total in 2009 and 33.2% the 10 year monthly average
  • Housing is local but credit is national; this is a scenario that is playing out across the US.
  • New development probably won’t solve the problem as it accounts for 10 to 20% of sales.
  • Tight credit keeps supply low, and is not likely to ease this year either.

 Excerpted from NY.Curbed.com by Jonathan Miller of The Matrix.  http://ny.curbed.com/archives/2013/03/05/three_cents_worth_manhattans_inventory_skyfall.php

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