Manhattan Market Update
In this weekly blog segment we will be looking at the pulse of Manhattan’s market. Absorption rate is the speed in which available homes are sold in a real estate market during a specific period of time. In general real estate theory, a balanced market is a 6 month supply of homes. Any number below a 6 month threshold favors sellers and above the 6 month threshold favors buyers.
To date our market over the course of the last year is showing an absorption rate of 3.59, which is heavily favoring sellers averaging slightly fewer than 73 closings per month.
The last ninety days show a balanced 6 month supply of homes.
Forecasting the next ninety days, the market trends based off the same ninety day stretch last year favors sellers slightly with a 5.04 absorption rate and improving to 3.62 over the summer months which is heavily favoring sellers.
Good News for sellers…if you’re on the fence about listing your home, we are entering the right time. At Irvine Real Estate, we are here to help!
In next week’s segment, we will breakdown the market even more and look at market trends on a week to week basis. Stay Tuned!