You could say it's evident people are flocking from cities to the suburbs in various markets throughout the country. The largest of these examples would be of course New York City. The month of July had 57% fewer contracts signed in Manhattan than a year ago while inventory levels have surged. The number of unsold apartments is now at the highest level in almost a decade, according to Jonathan Miller, CEO of Miller Samuel. At the current sales rate, there is more than a 17-month supply of apartments for sale — more than twice the typical Manhattan average of about eight months. Keep in mind that brokers haven't been able to show apartments until June. These current market conditions present quite the opportunistic time for buyers and investors.
Other markets are experiencing quite the opposite with various counties having doubled or tripled in the number of signed contracts with a decrease in inventory. This includes a vast number of counties in Florida, the Hamptons, and Westchester.
The developer of the Getty building in downtown Manhattan has slashed prices by over 50%. One 3,800-square-foot unit that had once been offered for over $20 million is now being listed for $10.5 million. Link to listing
Market Data From Miller Samuel