http://www.urbandigs.com/2009/08/putting_manhattan_into_perspec.html Some interesting data in here- a few things caught my eye. Everyone has been talking about how much sales picked up in the 2nd quarter, but in terms of contracts signed, it doesn't really look like the pickup was much greater than other seasonal changes between Q1 and Q2. In fact, half as many contracts were signed this year as... [more]
http://www.urbandigs.com/2009/08/putting_manhattan_into_perspec.html
Some interesting data in here- a few things caught my eye. Everyone has been talking about how much sales picked up in the 2nd quarter, but in terms of contracts signed, it doesn't really look like the pickup was much greater than other seasonal changes between Q1 and Q2. In fact, half as many contracts were signed this year as last in Q2, and it's been the slowest in 10 years.
Another interesting piece of information is about the total inventory, which many of us have noticed is declining. Here's the data behind those numbers:
1) removal of existing listings - 2,342 Manhattan listings removed from market since July 1st
2) fewer new listings coming to market - 1,696 new Manhattan listings came to market since July 1st
3) rise in contracts signed activity - 1,890 Manhattan contracts signed since July 1st
Would we expect a lot of those 2342 to come back this fall, or do you all think they were taken off permanently? It would be interesting to see the data on how many listings usually get taken off the market over the summer.
[less]
Response by bronxboy
almost 17 years ago
Posts: 446
Member since: Feb 2009
Maybe the sellers realized that unless they really have to sell, now is not the time and pulled the listings. The finally realized that the boom years are over.
Ignored comment.
Unhide
Response by Eurocash
almost 17 years ago
Posts: 124
Member since: Aug 2008
So I guess many sellers think the conditions are going to deteriorate before they get better?
Ignored comment.
Unhide
Response by aboutready
almost 17 years ago
Posts: 16354
Member since: Oct 2007
it will, this quarter, be the rental report that will drive prices.
Ignored comment.
Unhide
Response by Eurocash
almost 17 years ago
Posts: 124
Member since: Aug 2008
Meaning? drive them down?
Ignored comment.
Unhide
Response by aboutready
almost 17 years ago
Posts: 16354
Member since: Oct 2007
yes.
Ignored comment.
Unhide
Response by mimi
almost 17 years ago
Posts: 1134
Member since: Sep 2008
Makes sense.
Ignored comment.
Unhide
Response by malthus
almost 17 years ago
Posts: 1333
Member since: Feb 2009
Plain and simple, if I decided to hold off buying last year in part because the cost of renting something comparable was so much lower, I'm unlikely to buy this year if that spread is the same or greater.
Maybe the sellers realized that unless they really have to sell, now is not the time and pulled the listings. The finally realized that the boom years are over.
So I guess many sellers think the conditions are going to deteriorate before they get better?
it will, this quarter, be the rental report that will drive prices.
Meaning? drive them down?
yes.
Makes sense.
Plain and simple, if I decided to hold off buying last year in part because the cost of renting something comparable was so much lower, I'm unlikely to buy this year if that spread is the same or greater.