Manhattan listings getting snapped up 38% faster than last year: Report

West Side represents borough’s tightest market

TRD New York /
Jul.July 15, 2013 05:30 PM

Active listings in Manhattan are being snapped up more quickly than ever, according to a new report from Brown Harris Stevens. In July, the Manhattan absorption rate – the number of months it would take to sell all active listings in the market – was 4.3 months, or 11 percent lower than in June, and down 38 percent from the same month in 2012.

The falling rate, due to a combination of both fewer listings and an increase in the number of closings, is significantly lower than the six-month threshold used to indicate a seller’s market.

The West Side, defined in the report as 59th Street to 110th Street bordered by the Hudson River to the west and Fifth Avenue to the east, remains Manhattan’s tightest market with a 3.2-month supply of apartments for sale. Midtown West, down to 34th Street, posted the biggest decline: The area’s absorption rate fell to 3.2 months in July from 7.7 months this time a year ago.

Manhattan-wide, three-bedroom apartments hit an absorption rate of 7.0 months in July, the borough’s highest by unit type. One-bedrooms posted the lowest, with an absorption rate of 3.7 month in July, down 40 percent from 6.2 months a year ago. — Julie Strickland


Related Articles

arrow_forward_ios
Rachel Glazer (Credit: BHS)

BHS’ top Downtown agent jumps to Compass

BHS’ top Downtown agent jumps to Compass
BHS’ chief of tech, communications out amid internal shakeup

BHS’ chief of tech, communications out amid internal shakeup

BHS’ chief of tech, communications out amid internal shakeup
Bess Freedman and Robert Reffkin (Credit: Studio Scrivo)

“Unequivocally not selling:” BHS accuses rival of stoking sale rumors

“Unequivocally not selling:” BHS accuses rival of stoking sale rumors
Brown Harris Stevens CEO Bess Freedman (iStock)

BHS gives employees Election Day off

BHS gives employees Election Day off
From left: Chris Poore, Kathryn Steinberg, Armin Allen and Caroline Guthrie (Getty, BHS)

Sotheby’s Chris Poore jumps to BHS

Sotheby’s Chris Poore jumps to BHS
Brown Harris Stevens' Bess Freedman  and Halstead's Diane Ramirez 

Brokerage giants Brown Harris Stevens, Halstead to merge

Brokerage giants Brown Harris Stevens, Halstead to merge
The Real Deal's E.B. Solomont and Brown Harris Stevens' CEO Bess Freedman

The Interview: Bess Freedman on how resi firms will look post-Covid

The Interview: Bess Freedman on how resi firms will look post-Covid
TRD Quarantine Cribs: Take a tour of Scott Harris’ renovated UWS duplex

TRD Quarantine Cribs: Take a tour of Scott Harris’ renovated UWS duplex

TRD Quarantine Cribs: Take a tour of Scott Harris’ renovated UWS duplex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...