July Manhattan Market Update:
Lets get right to the freshest data available on the pace of new supply and the pace of newly signed contracts to see how the Manhattan market performed in July compared to both the prior month and the year ago period. First, lets look at the pace of new supply coming to market on a monthly basis: Conclusions : This is now the 10th consecutive year-over-year monthly decline of new supply to hit the market. If it feels like there is not that much new supply out there, your right. The data shows that the current pace of fresh, new listings hitting the Active marketplace right now is way down from both last month, and the same period last year. Inventory remains tight which means there is even less high quality product out there that is priced to sell quickly. This is adding to downward pressure on inventory levels right now. Second, lets look at the pace of new contracts signed on a monthly basis: Conclusions : We saw a big drop in new deals signed in July, to 713. This is down from 9