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January Manhattan Market Update

By: Noah Rosenblatt Thursday, February 02, 2012 3:30 PM

As discussed yesterday:

JANUARY NEW LISTING SUPPLY HISTORY January 2008 --> 1,918 new listings hit the market January 2009 --> 2,031 new listings hit the market January 2010 --> 1,829 new listings hit the market January 2011 --> 1,688 new listings hit the market January 2012 --> 1,539 new listings hit the market

One can easily see by this data visual that the pace of supply over the last 4 years has sustainably declined! This trend has been the norm for about a year and a half now. This is the now the 16th consecutive month of year over year declines in new supply to hit the marketplace -- in other words, we are simply not seeing the levels of new supply come to market that we saw in 2009 and 2010! This is one major reason why inventory remains tight, buyers are seeing frustration with the lack of quality/well priced products and sellers are trying to take advantage of these conditions by testing the marketplace with slightly higher asking prices. We will start to track listing price trends in a month or two but I can tell you from what I see so far that the trend is up slightly! This tells me sellers are a bit more euphoric in their ability to procure strong bids in today's marketplace. Buyers are adapting and from the last week or so, seem to be signing deals anyway. We will have to wait 3-5 months for these deals to close and get filed with ACRIS before learning price discovery and where those bids are coming in! Ill keep my eyes on the data in the meantime!

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