Currently there are 4,538 units on the market as of August 2013, which is 4.2 months of inventory.
In July 2012, there were 6,426 units on the market, which was
6.4 months of inventory.
This represents a drop of inventory of approximately 34%.
Here is it, in black and white.
Not enough inventory, not by half.
If you’d like more detail by neighborhood, the link to the absorption report will drill down substantially.
Studios:
NOW 644 units, or 4.3 months of inventory vs
July 2012, 860 units, or
6.6 months of inventory
1 Bedrooms:
NOW: 1,411 units, or 3.5 months of inventory vs
July 2012, 2,093 units, or 5.9 months of inventory
2 Bedrooms:
NOW: 1,092 units, or
3.5 months of inventory vs
July 2012, 1,718 units, or
5.9 months of inventory
3+ Bedrooms:
NOW: 1,015 units, or
7.3 months of inventory vs
July 2012, 1,262 units, or
9.1 months of inventory
Lofts:
NOW: 376 units, or
4.4 months of inventory vs
July 2012: 493 units, or
5.5 months of inventory
This is not surprising, but still shocking to a large degree.
Let’s see what happens in September!