Inventory on New York City’s residential market is on the rise, but not at a fast enough pace to satisfy buyers’ demand.
Total inventory in the first eight weeks of 2014 is less than half what it was in the post-Lehman Brothers collapse of 2009, at which point the market was bloated with offerings, and is still “chronically low,” Jonathan Miller, president and CEO of appraisal firm Miller Samuel, wrote in his Three Cents Worth column at Curbed. But offerings are showing a noticeable, if small, uptick at the start of 2014.
“Relative to the overall market, the gain is small,” Miller wrote. “But hey, it’s a start.”
The growth suggests inventory has moved beyond its low point, Miller writes, but the small uptick isn’t enough to suggest there will be sufficient supply to meet demand in 2014. [Curbed] — Julie Strickland