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