Increasing Inventory May Yield Buying Opportunity…Soon

A quick morning check of Manhattan listing inventory yielded the following information:

  • There are currently 7,784 active Manhattan property listings (inclusive of co-ops, condos and townhouses)
  • Summer inventory:  June saw 795 new listings, July 901 and August 1058.
  • From Labor day to 9/8/2007, 65 new properties hit the market.
  • Last week saw an additional 301 new properties hit the market.

Although there is a definite trend towards increasing inventory, anecdotal evidence is showing that many buyers remain frustrated as they patiently await their opportunity to buy.  Patience is key here.  With talk of a possible recession, the anticipation of weak Wall Street bonuses and layoffs, there could indeed be a buying opportunity right around the corner for many of these patient purchasers.

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