more Q2 Manhattan market nuggets / fewer DOM show accelerating market
The Miller Samuel “Manhattan Overview” report for the Second Quarter has still not hit its website, but Inman News today has two more tidbits from that report about Manhattan apartment sales:
“Condos and co-ops spent an average 117 days on market in the second quarter, down 18.6 percent compared with 144 days in second-quarter 2006.”
“Days on market” is a slippery statistic to define, is subject to broker-abuse, but has been used in a standard way by Miller Samuel for a long time. But 117 is a pretty strong number, following (as reported above) 144 days on market a year ago and especially following 131 days on market in the last quarter (see Miller Samuel Q1 report p 1 of 4).
I wonder if that decline has something to do with the mix of units sold in this quarter (coops vs. condos), which is the next nugget….
“Miller Samuel reported 1,595 co-op sales and 2,344 condo sales in the second quarter.”
My quick-and-dirty on that nugget is that the new condo developments are sucking up most of the air in the market – or, at least most of the buyers. I think this is easiest the lowest percentage of coops represented in a quarterly sales report from Miller Samuel.
It is not that coops are not selling, so much as it is that coops are not being offered for sale in the same numbers as a year or two ago. Curious….
© Sandy Mattingly 2007
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