Real estate analysts and brokers are still looking for a silver lining—a sign that the profitability of the boom years hasn’t completely vanished—and they are currently looking at inventory data as a sign of hope. The week after Labor Day is a common milestone for the real estate business: the summer season has ended, vacationers are returning, and usually there is a small increase in the number of listings. This year, the number of post-Labor-Day listings on the market in Manhattan were similar to last year’s, reports The New York Times. Even though prices are still dropping, companies like Miller Samuel and StreetEasy say this could mean that transaction activity and inventory are stabilizing, which might indicate an end to the downward spiral. As for prices, the median asking price after Labor Day in 2007 was $1,050,000; it was $1,100,000 in 2008; and it dropped to $860,750 this year. Or, breaking it down, studios went from $525,000 in 2007 to $429,000 in 2008 to $399,000 in 2009; one-bedrooms went from $785,000 to $775,000 to $675,000; and two-bedrooms went from $1,412,500 to $1,599,500 to $1,250,000. Hall Willkie, the president of Brown Harris Stevens, gave the Times a less broker-centric view of the numbers: In many ways, it’s going to be a healthier market … It will be more affordable to more people, which is more sustainable. A lot of money was made during the boom years, but I don’t know if it’s such a great world when people with good jobs and a good income can’t buy a home.
Looking for the Bottom [Brownstoner]
The Look of Autumn [NY Times]