The Real Deal New York

Residential inventory on the rise, but not enough

Small uptick still falls short of 2009 highs
March 05, 2014 12:55PM

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

  • Michele Silverman Bedell

    In a few suburban Westchester communities inventory is up but in most area there is little to choose from.

  • jpmonte

    Staten Island inventory still low as well, we’ve plowed through most of the foreclosure/short sale inventory that was glutting the market a few years ago. What comes on the market now sells fast if its in excellent condition and priced well. I have seen several properties in the last month or two sell within a week and we are back to multiple offers.