Manhattan Market Report
In a long term 5-year analysis of price, the story is quite telling. Since May 2010, Manhattan Price Per Square Foot trend is UP 37.5%. The market exhibited steady growth in 2010 through 2013 with huge increases in 2014. The 2015 gains were not as extreme as in 2014 however the values continue going up, up, up.
Another hot topic is the inventory shortage. You can see on the chart above how there are 38% fewer homes available compared to 5 years ago. Supply is highly seasonal, with surges between January and May, and sharp declines in July & August as well as December. Even with an influx of new listings this spring, good listings are still extremely scare compared to 2010.
The pace of demand for Manhattan property has accelerated. The latest surge is something you can feel if you are on the front lines of this marketplace. With leverage strongly in favor of the sell side, price right, and your property should sell within a month.
Buyers should expect conditions to be “competitive” for another month or so before the summer slowdown hits. Those buyers that are waiting to participate until things cool down will be doing so at the sacrifice of new supply as July & August are typically two of the slowest months for new listings to hit the market throughout the calendar year; behind only December. Something to keep in mind…
All graphs and data provided by UrbanDigs.com
Figures above were obtained on 5/27/2015.
The numbers above represent the greater Manhattan Area.
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