Posted by Jonathan J. Miller -Friday, November 11, 2011, 3:10 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.
In the spirit of Curbed’s Renters Week I took a look at the ebb and flow of absorption in the Manhattan residential sales and rental markets. Absorption for this purpose is defined as the number of months to sell all active inventory at the current pace of sales/rentals. I like the absorption metric because it shows the relationship between supply and demand. Sales are defined co-ops/condos, while rentals are all types of properties (sorry, it’s the aggregate data I have access to). While I’ve got more than a decade of sales inventory data, I can’t go back as far for rental inventory, hence the 2008 start date…
Three Cents Worth: Rental and Sales Absorb Our Problems