A: Sorry for the light content lately, but I've been swamped the past few weeks and probably will be for the next 1-2 months. I just wanted to do a simple breakdown of Manhattan's recent surge in deal volume and put that into perspective relative to how our market performed this time last year. To get right to the point, Manhattan continues to see a surge in new deal volume amidst tight supply. Over the past 30-days, brokers have placed over 1,200 new listings into contract via our real-time feed from the Rebny Listing Service (RLS). The weekly pace continues to be around the 300 level, which is a 'very strong' signal of new deal volume across the Manhattan marketplace. First, let me give you a quick check of the
Daily Manhattan Market Ticker available to UD
subscribers (
snapshot taken 11pm last night):
# of deals signed Thursday --> 54
# of deals signed Wednesday --> 53
# of deals signed last 7-days --> 304
# of deals signed last 30-days --> 1,239
This is signal #1 of a very active marketplace. I urge subscribers (
especially brokers) to check in on this market ticker tool every few days or so to maintain a pulse on real-time conditions in the marketplace. The ticker is directly connected to real-time shared status updates for all REBNY member firms managing their exclusive listings. Its the market in the palm of your hand as you can track daily deal volume from every REBNY agent in every office that does business in Manhattan real estate. Since no one broker is the market, this tool will accurately show you relative market strength and weakness as it happens. Ultimately these #s will affect the market trends that are available in our
chart sections. Now lets take a broader view of what the real-time ticker above has been telling us about current conditions lately. Below is a breakdown of Manhattan Supply vs Pending Sales from Jan 2011 to present -- allowing you to see how 2011's active season compares to the current marketplace
(I numbered some items on the chart for brief discussion below):
Lets break this simple supply--demand chart down:
1. Supply Rose Throughout 2011's Active Season -- Back in 2011, Manhattan supply hit a high of 8,080 actively marketed listings on May 14th after rising for the first 4 months of that year.