Thought I’d share the following with all of you.
Active listings and Signed Contracts for the Last Year
I created a chart (using UrbanDigs.com) to look at the sales market in Washington Heights and Inwood over the last year… It looks at active sales as well as pending contracts for both co-ops and condos since this time last year.
For signed contracts:
- Big drop off in Contracts Signed in last May/June but that was due to expiration of the first time homebuyers credit
- Crept up a little in the fall, but barely, which is exactly what we saw at the time too
- Plummeted through late January
- Then started a relatively steady climb through the spring…
For active sales on the market:
- Interestingly, the first 6 months show an inverse correlation between contracts and new units, where people were putting new apartments on the market even though there weren’t too many going into closing. This is probably because much of the old inventory was sold during the First time Tax Credit period and that sales spike brought out new sellers.
- So the combination of a slow sales period (as evidenced by lower rate of contracts signed) combined with a lot more inventory coming to market, seems to explain why the market tanked in the fall/winter.
- Then starting around November the trend lines started coming more into sync. Fewer contracts as winter progressed combined with fewer available units (in part because no one was putting new inventory out and in part because people were pulling units off market for the winter).
- As is normal for Manhattan seasonality, new inventory comes to market in January and demand typically follows soon after at a lag. Demand follows the inventory
- That seemed to set the stage for a stronger Spring…
- Lastly, from the beginning of the most recent sales season, the number of active listings is up ~40 units, but the number of units in contract have increased at about the same amount, which hopefully means there won’t be too much excess inventory on the market heading into summer.
Overall, we seem to be in the most “normal” market that we’ve seen in the last few years. And this all pretty much matches what we’ve seen with our own sales at the RSDCondos and Bennett212 in Northern Manhattan.
Curious to hear your opinions…