Here’s an update on the breakdown of high rise remaining inventory by Construction Status as of August 31, 2012.
So the total high rise remaining inventory at the end of August was 19,984 units, comprised of the following:
11,889 units available in projects currently in pre-construction
7,041 units available in projects currently under construction
1,044 units available in already completed projects
If we take a look at where the sales have been coming from so far this year we have 79% of this years 13,591 sales occurring in pre-construction projects, while 17% were in projects under construction, and only 4% were in projects already built.
High rise sales so far this year are down -25% from the same period in 2011. A quick check to see if the sales declines are spread evenly over each construction status reveals the following:
Sales from pre-construction projects this year are down -22% from the same period in 2011, while sales from projects under construction are down -30%, and sales in projects already completed are down -48% this year from the same period last year.
I’ll try to get a few posts up during the next week about the nature of the high rise remaining inventory as well as some metrics around the 59,000 units currently under construction. So check back or sign up for automatic notification over there on the right side of the blog.