NYC Daily Inventory Data

 NYC Daily Inventory Data

NYC Daily inventory data shows that the listing bulge that occurred in April appears to be a one month phenomenon. On the 1st chart you can see that new listings tailed off on May (Blue Line) and have not regained it's April level. Pending sales (Red Line) however continue on the same increasing trajectory. This effectively is taking the new inventory off the market as fast as it appears. For the week, 355 new listings appeared on the market, but 277 entered contract and 64 left the market, leaving a net +14 new properties available. That's not good enough to replenish supply when you consider that from a longer term perspective, inventory is at very low levels. It is barely above the 5+ year lows from January, while pending sales are at 5+ year highs. See the 2nd chart below.

NYC Daily Inventory Data

5 Year Inventory and Pending Sales

What does this mean for property prices? Onward and upward. Unless something happens that tips the supply / demand scale back into at least equilibrium, buyers will be chasing prices higher.

  Data courtesy of Urban Diggs