Posted by Jonathan J. Miller -Monday, October 31, 2011, 2:32 PM
It’s time to share my Three Cents Worth on Curbed NY, at the intersection of neighborhood and real estate in the capitol of the world.
Now that our quarterly gauntlet of reports is behind me, I thought I’d throw a chart together to gain a little perspective on where we are now with context given to the past decade. I plotted median sales price adjusted for inflation against the monthly absorption rate. Absorption in this case is defined as the number of months to sell all active inventory (excluding shadow) at the current pace of sales activity. In grocery store parlance, it would be the number of months to sell everything on the shelves if no one restocked them. I’d love to go back 25 years which is the extent of the bulk of our sales data but was only able to begin to capture listing data circa the dotcom era needed for the absorption stat…
Three Cents Worth: Manhattan Housing Gets Spiked, Dipped, Bumped, Occupied