Google real estate index

IME, NYC real estate hasn't been very seasonal during the latest recovery. Last year I felt like I missed "spring" (I was launching my new firm) but I had a very busy fall with closings in December. This year it's been a steady flow -- I am hoping to take some time off in July/August, but I think fall will be busy again.

One of the factors behind that, I think, is that inventory is so low that buyers are waiting and watching every new listing that comes out, whenever it pops up.

ali r.
{downtown broker}

Thanks front_porch. Any insight as to why inventory is so low? I would think with recovering higher prices that this would lead to more willing sellers, higher inventory, and then some leveling off of prices.

years and years of Less stuff coming onto the market combined with rising pace of deal volume as fed reflationary policies fuel investments into riskier asset classes - will do it every time

what digs said -- demand is rising because of larger macro factors. I'm not a broker people think of for "investments" but just yesterday I was chatting with someone in Hong Kong about buying an apartment here. And supply is not rising that fast -- I think resale volume is not rising because even though prices are higher, wages are not (or not by much), so sellers can't jump up the ladder. Personally, we bought a convert 2/1 Ba during the bust. If we sold, maybe we could make a $250K profit on it, but what I consider the next rung up the ladder, a decent 2/2, doesn't cost $250K more, it costs $500K more. That doesn't feel like a prudent jump to me. And apparently a lot of sellers agree with me.

Thanks again front_porch and urbandigs. Perhaps related to front_porch's point, fewer people willing to take the profit and move/buy outside the city? I wonder what it will take to change the equation.

Interesting discussion and great points by front_porch and urbandigs (per usual). In Manhattan we certainly see seasonality in recorded sales volume - late spring it picks up before relatively slower July-September only to inch up again in the fall. The strength of these peaks and valleys change by year, but the pattern is most certainly there.

Whoa Streeteasy jumping in. Front porch I agree with the all eyes on new listings comments especially for the smaller segments(studios/ 1 beds). You look at a new studio listings fairly priced and in 3 days 30 saved users. These are by far the highest numbers I've ever seen. Granted I'm only looking at Condos but I'm sure it's condops and coops as well.

Used to be like 4 saved in 3 days.

Agreed steveF. From what I've seen, for lower priced units the numbers can quickly head up and over 100 in areas where inventory is lowest