Absorption defined for the purposes of this chart as: Number of months to sell all listing inventory at the annualized pace of sales activity.
The release of pent-up demand in late 2009 greatly improved the absorption picture for re-sale property in Manhattan. Not much change, however, over the first two months of the year.
Elevated sales activity in the second half of 2009 showed a greatly improved absorption rate for all market price strata. Even when I began to track absorption in this manner last August, the picture had already improved greatly. See below to compare to current.
Note: This chart series does not include shadow inventory (properties ready for market but not yet listed for sale) so it generally understates the rate of condo absorption. The data set is too thin for a reliable Uptown presentation.