Manhattan Apartment Inventory Remains Lower Than 2011 Levels
• For the week ending June 22nd, there were 7,117 apartments available for sale in Manhattan, 13% fewer than at the same time in 2011. At the current pace of sales, that represents a 7.8 month supply of apartments, consistent with a healthy market.
• The steep decline in new construction over the past three years has kept inventory tight. From 2009-2011, building permits averaged just over 1,500 units per year, compared to an average of 6,671 the prior ten years.
• Downtown has 29% of all available apartments, followed by the East Side (25%), Midtown East (15%), the West Side (13%), Northern Manhattan (10%) and Midtown West (8%).
Click Here to read Halstead Property's 2nd Quarter 2012 Manhattan Residential Market Report
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