Manhattan Sales Market Healthier Than Ever
Posted on Fri, 07/13/2012 - 14:20
As we bid farewell to June 2012, it’s fair to ponder: how exactly has the Manhattan real estate market done so far this year in comparison to the past few years? Since the collapse of Lehman four years back, the buying trends of Manhattan apartments has been a subject of intensive analysis and concern. From the perspective of supply (amount of available inventory) vs. demand (amount of sales), 2012 has brought about the strongest 6 months of market activity since 2007. With such a disparity in the statistics of condo sales since 2009, it’s obvious that, as a whole, confidence in the Manhattan real estate market has revived enough for a solid surge in sales.
In 2009, the amount of available condos in all neighborhoods of Manhattan was at a peak while sales had fallen to a near-abysmal level. The first six months of 2010 were therefore a story of slow recovery as buyers gradually built their confidence in the Manhattan condo market back up. 2011 demonstrated a continuation of such recovery as both supply and demand went up quite a good deal. 2010 showed similar improvement as the market for condos in the $2 million-and-up range finally saw a return of activity. Through the progression of the years since 2009, it’s evident that Manhattan buyers have managed to regain faith in the value of buying property since the crisis brought about by Lehman Brothers.
And now, in 2012, an interesting trend has emerged in which sales have shown the most dramatic peak since 2007 despite available inventory being at an all-time low. Though the market’s current buying trends are expected to slow in the coming months, the fact remains that buyers are snatching up property as soon as it becomes available, signing deals and quickly taking away inventory. Summer tends to bring about a surge in deals being signed here in Manhattan and 2012 seems to be no exception to that rule. And with properties such as the Atelier in Midtown West on the market, it’s guaranteed that a newly confident buyer populace will continue to bid for these coveted condos.