As expected, CORE’s latest Real Time Report (click here to download the PDF), which includes the most current contract data from StreetEasy, showed us that the Manhattan real estate market is strong across the board. Our monthly report found that, compared to last year, overall contract volume rose by over 26%, while inventory has continued to shrink — an overall decrease of 11% since last year. And this week Crain’s reports that this high demand and lack of supply is sending condominium prices soaring, with great success for sellers. In fact, our Walker Tower project is highlighted as one new development that is capitalizing on this “pricing pop.”
So where are we? It’s getting harder to find a good apartment at a reasonable price. (Although doesn’t that always seem to be the case if you’re a buyer?) With inventory levels continuing to shrink, I only see this becoming more difficult, and the housing shortage that I foresaw and predicted three years ago seems to have become a reality.
The effects of this? Higher prices, more bidding wars, less time on the market, and more situations where sellers are remorseful for selling and buyers are regretful over missed opportunities.
Shaun Osher is the founder and CEO of CORE.