[Three Cents Worth NY #185] Complaining & Explaining Tight Inventory
Posted by Jonathan J. Miller -Tuesday, April 10, 2012, 2:19 PM
2 Comments
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. And I’m simply here to take measurements.
Read today’s 3CW post on Curbed New York:
A continuing refrain in 2012 has been (no, not Linsanity) the shortage of Manhattan apartment inventory. Seems like everyone has been complaining about it. I thought I’d look at how 2012 was shaping up by parsing out the markets by bedroom size. I looked at the first 12 weeks of the year and compared it against the average of the three prior years. Although I’d rather average the last decade as a basis of comparison, my per unit historical only goes back to late 2008…
[click to expand]
Good graphs, thanks Jonathan. Have noticed the same thing on lack of inventory.
Thanks for the graphs! It is interesting that similar problems are plaguing New York as Arizona (where I am from). I always viewed New York, from what I had heard, as a place with a systematic shortage of housing. Everyone wants to be in New York and essentially it just isn’t possible to accommodate them all. It’s even more interesting to be that there is a shortage even for New York standards. Recently my university published a story discussing how a shortage of houses has surprised home builders out here. Apparently they are struggling to find the workforce to build like they had during the boom. They are also struggling to find secure ideal land because individual owners still think we are at the bottom and are waiting for prices to further increase. I was hoping to find how similar situations affected other areas to try to further gauge, beyond what the article I read suggested, what the future of the real estate market might look like in Arizona.
If you’re interested, you can find the article at: http://knowwpcarey.com/article.cfm?cid=25&aid=1160