Sep 4, 2012

Manhattatan Market Fall Outlook

As Summer ends, 2012 was on one of the busiest Summer real estate seasons in Manhattan. We've been experiencing a very strong market primarily fueled by low inventory. As we enter FAll  some new inventory in new construction will be coming to the market throughout Manhattan but according to data released by REBNY (Real Estate Board of New York) research this decade 2010- 2019 will be the lowest decade of new housing inventory since  the 1990's.

Housing permits through the decades 1969- 2010

In the last decade (2000-2009), New York City issued permits for 231,228 new housing units.  This is the second highest total over the past 50 years.

 In the 1960’s New York City issued permits for 368,700 new housing units, 60 percent more than the total for the 2000s.

From the 1970s through the 1990s permits for new housing units declined steadily and dramatically to a decade low in the 1990s of 70,204 units.

Looking ahead, in the current decade (2010-2019) the city has issued new housing permits for 15,663 units in the first two years.  At this pace, the decade total will be 78,315 new housing units, the lowest decade total since the 1990s which was the worst decade in the last fifty years.

 Total Housing Units

* Decade Estimate based on annual average for 2010-2011


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