The PDF version of the 2Q 2007 Manhattan Market Overview [Miller Samuel] that I write for Prudential Douglas Elliman is available for download. I have been writing these market reports for them since 1994.
Here is some additional information from Prudential Douglas Elliman’s CEO/President Dottie Herman covering the 2Q 07 report release. Since she purchased PDE four years ago, she has been unwavering in her support of my requirement to remain independent in the preparation of these reports (and of course, it goes without saying that I am also able to remain dull and boring).
…The number of Manhattan apartment sales are at record levels. Listing inventory has fallen sharply from recent highs. Two of three price indicators tracked in this study set records. Days on market and listing discount indicators are contracting. In contrast, national housing statistics, while not reflective of individual markets, show just the opposite. The New York City economy continues to show improvement coming after two consecutive years of record Wall Street bonus payouts. Preliminary indicators from the financial services sector show more of the same strength bonus income in the coming year. Mortgage rates are low despite recent increases. The government is running a budget surplus, unemployment is low and the weak dollar has brought in significant foreign investment. The constant in the demand/supply equation has been new development activity, whose pace has not abated for the past three years. It contributed to the rise in inventory levels of 2005 and 2006, but the significant demand has more than offset new product added to the market in 2007. The relatively inelastic short term response to demand suggests that the high level of demand is something to focus on for the remainder of the year and through 2008.
Download report: 2Q 2007 Manhattan Market Overview [pdf]