Surprising Inventory Shortage = Surprised Buyers
Let’s take a look at the Brown Harris Stevens August 2022 Manhattan Residential Inventory Report!
Perhaps you think that it’s a buyer’s market! Everything is on sale!
Prices are dropping! Woo-hoo! I’m going to get a screaming deal!
NOT SO FAST.
Our latest Manhattan Inventory Report – Surprises await!
What we’re seeing is a much less dire picture. It is NOT a seller’s market anymore, but it is not a buyer’s market, either. It turns out that inventory isn’t rising at all. In fact, it is lower than a year ago at this time, and the pace of sales has, in many cases, actually sped up a little bit. It’s quite a surprise. But if you look in nearly every size apartment, in every neighborhood, and every price point, the story is nearly the same:
- Less inventory
- Quicker Absorption of Properties
- A Far More Balance Market Than Anyone Realizes
The news is slow to reach buyers’ optimistic ears. That is, they want to believe, so badly, that the market is tilting in their favor!
But we continue to see bidding wars, in the dead of summer. Well-priced units of all sizes are moving. I’m afraid to tell you that this market is going to be stronger than you think.
Is it worth waiting to buy, if you think mortgage rates will rise? Do you think that the equities market will run out of gas and the real estate market will implode?
I’m always a bit more tempered in my outlook than most buyers I speak to. And in this blue chip market, the market certainly doesn’t only go up, but it doesn’t stay down for very long. Take advantage of moments of uncertainty to buy- this is one of them. There are lots of opportunities while everyone is on the beach – but very few fire sales!
We will see more inventory hit the market in September, but with such limited inventory, I expect good properties to sell quickly. Don’t blink! That great place will be snapped up!
If you want to talk about the market report in more detail, be in touch! -Scott & The Harris Residential Team