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.