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 which carried through the first quarter of 2010.
Manhattan Absorption Archive 2009 [Miller Samuel]
Manhattan Absorption Archive 2010 [Miller Samuel]
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.
Great Information, loved the post
This is interesting. I have been reading that the market was hot in Manhattan. With many multiple offers. This leads me to believe that it is only on the very best priced listings. That sellers are still too high compared to the real market.