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

West Side represents borough’s tightest market

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
New development inventory fell 12% by the end of Q2 compared to 2019, a sign of higher consumer confidence surpassing pre-pandemic levels. (iStock)
Glut reaction: Manhattan condo inventory finally drops
Glut reaction: Manhattan condo inventory finally drops
Diane Ramirez
Diane Ramirez, after leaving BHS, joins Berkshire’s HomeServices
Diane Ramirez, after leaving BHS, joins Berkshire’s HomeServices
Brown Harris Stevens’ Christopher Halstead
Clark Halstead’s nephew tapped to lead BHS Connecticut
Clark Halstead’s nephew tapped to lead BHS Connecticut
Diane Ramirez of Brown Harris Stevens
Brown Harris Stevens executive Diane Ramirez steps down
Brown Harris Stevens executive Diane Ramirez steps down
470 Broome Street (Photo via Saltzman Architects, P.C., iStock)
From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
arrow_forward_ios

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

Loading...