The inventory squeeze has an uneven shape

Manhattan’s smaller sale inventory does not mean every search has fewer options. Corcoran’s third-quarter report counts 6,354 active condo and co-op listings, down 3% from a year earlier. Listed new-development sponsor inventory fell 22% to 564 units. Homes priced from $2 million to $5 million declined 14%, while the selection below $500,000 grew 7%.

For a buyer, those differences matter more than the direction of the total. A home in another price range may be outside the search altogether. A sponsor unit and a resale apartment can also offer very different locations, layouts, and monthly charges. Narrow the comparison to homes that could meet the same needs before judging whether choice has improved.

MM&Co. perspective

The report’s timing and coverage belong beside its figures. Inventory was measured two weeks before quarter-end, includes Corcoran Reserve and Compass Private Exclusives, and excludes unsold sponsor units that have not been listed. This September snapshot describes availability within that reporting system. It is not a live October count or an estimate of everything being built. The decline in listed sponsor homes tells us about that selection, without establishing the size of the entire development pipeline.