NEW YORK CITY-The number of apartment sales in Manhattan in 2012 was the highest in the past five years, despite a steep decline in for-sale inventory.
Total number of sales in Manhattan reached 10,508, a 3.4% increase from 2011, according to Douglas Elliman. However, 2012's sales totals were more than 19% below the lofty numbers recorded five years earlier. While sales rose last year, the median home sale price dropped by 1.8% to $835,000.
Jonathan Miller of Miller Samuel who compiled the report, says home sales rose in Manhattan despite a low inventory of for-sale housing stock. Inventory was down 34.2% from 2011 levels, the report states.
“Now that we have this chronic shortage of inventory,” Miller says, “We're looking probably at some upward pricing trends in 2013.” See story in Crain's New York Business.
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