CORE Group Marketing has published its first Real Time Tracking Report for Manhattan's for-sale apartment market and it indicated an available inventory in the fourth quarter of 6,618 units.
The Upper East Side, according to the report, had the highest inventory of available units, 1,764, followed by the Upper West Side, 1,239; Midtown East, 915; Clinton, 458; West Village, 447; Chelsea, 334; Financial District, 290; East Village, 238; SoHo, 168; TriBeCa, 160; Lower East Side, 148; Flatiron, 14; and Battery Park City, 13.
The report indicated that there were about 145 "active new developments in Manhattan south of 96th Street" at the end of the fourth quarter: the Upper East Side, 21; Gramercy, 20; the Upper West Side, 16; the Financial District, 16; Midtown East, 13; Chelsea, 13; TriBeCa, 10; SoHo, 6; Lower East Side 6; East Village, 6; Clinton, 3; Battery Park City, 1; and Flatiron, 1.
According to the report, only 31 new development contracts were reported signed in December.
Pricing, it continued, was down 19 percent in the fourth quarter, "and the uncertainty in the market stalled transactions with a total of 542 units going into contract at 14 percent below the asking price."
"The strongest part of the market," it added, "was the 1-bedroom market, with 208 new contracts signed at 88 percent of the asking price."
"We are clearly in a market that is being controlled by the buyer," it said, "with offers being submitted an average of 18 percent below the asking price in December."
The monthly report maintained that it "is different from other published reports because it reflects existing contract data, not sold and closed data, which often takes months or years to be recorded."
The Upper East Side, according to the report, had the highest inventory of available units, 1,764, followed by the Upper West Side, 1,239; Midtown East, 915; Clinton, 458; West Village, 447; Chelsea, 334; Financial District, 290; East Village, 238; SoHo, 168; TriBeCa, 160; Lower East Side, 148; Flatiron, 14; and Battery Park City, 13.
The report indicated that there were about 145 "active new developments in Manhattan south of 96th Street" at the end of the fourth quarter: the Upper East Side, 21; Gramercy, 20; the Upper West Side, 16; the Financial District, 16; Midtown East, 13; Chelsea, 13; TriBeCa, 10; SoHo, 6; Lower East Side 6; East Village, 6; Clinton, 3; Battery Park City, 1; and Flatiron, 1.
According to the report, only 31 new development contracts were reported signed in December.
Pricing, it continued, was down 19 percent in the fourth quarter, "and the uncertainty in the market stalled transactions with a total of 542 units going into contract at 14 percent below the asking price."
"The strongest part of the market," it added, "was the 1-bedroom market, with 208 new contracts signed at 88 percent of the asking price."
"We are clearly in a market that is being controlled by the buyer," it said, "with offers being submitted an average of 18 percent below the asking price in December."
The monthly report maintained that it "is different from other published reports because it reflects existing contract data, not sold and closed data, which often takes months or years to be recorded."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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