More Days on the Market
[NYPost] 8/22/06 --
Although the average price per square foot of a Manhattan apartment hit a record $1,083 in the second quarter, the number of units on the market is at its highest in more than 10 years, according to Miller Samuel, the real estate research firm. The inventory in Manhattan rose from 3,922 units at the end of 2004 to 7,640 in the second quarter.
"We have a classic stand-off between buyers and sellers in New York," said Miller Samuel CEO Jonathan Miller. "Housing inventory is at the highest level since the late 1980s and demand has cooled off."
In the second quarter of last year, it took 102 days to shift a unit on average. By the second quarter of 2006 this had soared to 144 days.
Although the average price per square foot of a Manhattan apartment hit a record $1,083 in the second quarter, the number of units on the market is at its highest in more than 10 years, according to Miller Samuel, the real estate research firm. The inventory in Manhattan rose from 3,922 units at the end of 2004 to 7,640 in the second quarter.
"We have a classic stand-off between buyers and sellers in New York," said Miller Samuel CEO Jonathan Miller. "Housing inventory is at the highest level since the late 1980s and demand has cooled off."
In the second quarter of last year, it took 102 days to shift a unit on average. By the second quarter of 2006 this had soared to 144 days.
posted by rjgny2004 at 9:22 AM
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