Manhattan Market Update

More homes have come on the market in Manhattan. It's just not enough. There are currently 8,127 active listings. That sounds like a lot, but we're down 10% year over year. This is the point in the fall market where inventory tops off, so we can expect fewer new listings for the next 2-3 months.

It sounds like an opportunity for sellers, and it is. But, about half that inventory - 49% - has been on the market 90 days or more. That's a sign to sellers that they need to take a good hard look at their asking prices.