3-Month Manhattan N'hood Report Check
A: I know many are curious how the downtown markets are doing post-Sandy, so lets take a look at how all 16 sub-markets as UrbanDigs systems define them have performed over the last 90 days. Data is below and the last check was on August 7th, for those who want to reference the biggest movers. Looks like lower Manhattan is definitely underperforming the broader market trend of Pending Sales -8.4% over the last 90 days.
Keep in mind that what we are really measuring here is the typical post-Labor Day pickup in activity that starts late-September and ends around early December. The 90-day timeframe is measuring pending sales trends from Sept 6th to today's reading.
What's interesting when looking at whether there was any impact from Sandy, it seems clear that the downtown markets are seeing no seasonal bounce in new deal volume that is typically expected for this time of the year. I wouldn't expect anything too crazy to happen around the Dec holidays, so lets re-check this as we get into the 2013 active season which starts around February.
Here are all the Manhattan neighborhood trends we track; I added supply trends after each neighborhood's 3-month pending sales #:
3-MONTH PENDING SALES TRENDS -- Supply trend
Harlem/Morningside Heights: +25.3% -- supply down 18.6% over this time
Harlem/Hamilton Heights: +6% -- supply down 14.3% over this time
Upper East Side: +2.4% -- supply up 0.7% over this time
Midtown East: +1.4% -- supply down 1.1% over this time
Midtown West/Clinton: -0.8% -- supply down 4.8% over this time
Murray Hill/Kips Bay: -4.4% -- supply down 8.5% over this time
Soho/Noho/West Village: -6.5% -- supply up 1.1% over this time
------- BASELINE PENDING SALES ALL MANHATTAN = -8.4% -------
Upper West Side: -8.7% -- supply 4.9% over this time
Inwood/Wash. Heights: -14% -- supply up 7.6% over this time
East Harlem: -17.2% -- supply down 4.7% over this time
LES/East Village/Union Square: -17.3% -- supply down 2.5% over this time
Chelsea/Midtown South: -22.3% -- supply up 4.2% over this time
Fidi/Civic Center: -24% -- supply up 0.4% over this time
Battery Park City: -29.4% -- supply down 30.4% over this time
Gramercy/Flatiron: -29.7% -- supply up 6.3% over this time
Tribeca: -33.1% -- supply up 6.3% over this time