Manhattan Market Monday : Manhattan Moments…in brief

Now, I’ve been meaning to write this post,maybe since last week-but inevitably life and business can derail even the most determined.A few weeks ago I wrote about how it might be an opportunity to buy ,if that’s the right choice for you- between increasing rents,continued low vacancy rates,and interest rates being low (Is Opportunity Knocking For You ? )

In the last few weeks,there’s been alot of buzz about Manhattan real estate-okay-granted that’s always the case. One 57 is yet again in the news-as it literally is rising in more ways than one. (Side note,in December,when I first visited the sales office-its incredible to think of where prices were then,and now..but I digress).  Also remember heading to the Touraine, which similarly was selling off plans-as there is indeed an inventory crunch-and its not just at the apex of the market-but as I speak to my colleagues around town,we’re all finding its difficult to find the product that suits the needs of our buyers.

Maybe you’ve been thinking about selling for a while ? Maybe you want to upsize OR downsize. Here are some more insteresting stats :

From Urban Digs,as of yesterday :

– Manhattan has produced 778 new contracts signed over the last 30 days
– Manhattan has produced 209 new contracts signed over the last 7 days
– Manhattan has seen 1,506 new listings come to market over the last 30 days

(Manhattan Market Update : Price Action (lagging) Continues to Rise )

 

And here’s a graphic I recently sent out,illustrating why it might be a good time to consider selling…

A few reasons why it may be a good time to consider selling your apartment…

 

And as to New Development, recently reading the Street Easy New Development report these three points stood out to me :

  • Overall inventory has declined by 17.7% compared to six months ago and 17.2% since last year.
  • 4.1% new contracts compared to six months ago . 26.3% more than a year ago.
  • 4.7 months supply in August 2012 (7 months in February,and 7.7 in August 2011).

Curious to know more about what’s going on RIGHT NOW and what your strategy may or may not entail?  Let’s schedule a discussion ! If you are curious to search current inventory- start here !

 

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