NEW YORK CITY-Despite a shrinking inventory of available units, apartment sales rose by nearly 19% in the second quarter, according to brokerage firm Douglas Elliman.
According to the Elliman report, 3,144 apartments were sold during the second quarter, which was 18.8% higher than the same period in 2012, according to Jonathan J. Miller, president of appraisal firm Miller Samuel and the author of Elliman's report.
“In the city as well as nationally, we didn't see the usual spring uptick in inventory kick in as expected,” Miller says. “If anything, inventory is moving sideways. But at the same time, we had this jump in sales activity, our most active spring since 2007. It's been an inconsistent market with a lot of extremes, but the take-away is that even with low inventory, we're not seeing runaway price growth.”
The average sale price of a Manhattan residence for the second quarter was $1.45 million, which was 1% higher than the second quarter of 2012, according to the report. See story in the New York Times.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
