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Absorption defined for the purposes of this chart as: Number of months to sell all listing inventory at the annual pace of sales activity. I started this analysis in August 2009 so as of late I am able to show side-by side comparisons. The blue line that shows the 10-year average travels up and down because of the change in scale caused by some of the significant volatility seen at the upper end of the market.
The absorption rate across all price points under $3M are generally below the 10-year average. Conditions in January were generally better than during the same period a year ago although the east side saw less improvement than downtown and the west side.
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Manhattan Absorption Archive 2011 [Miller Samuel]
Manhattan Absorption Archive 2010 [Miller Samuel]
Note: This chart series does not include shadow inventory (properties ready for market but not yet listed for sale) so this anlaysis understates the rate of condo absorption. The Uptown (Northern Manhattan) data set is too thin for a reliable presentation.
