-Listing inventory fell to it’s lowest level in more than 12 years (since we began tracking it) to 4,749 apartments, may cause upward pressure on prices in 2013.
-A record fourth quarter with 2,598 sales – highest 4th quarter in at least 25 years we’ve tracked it, spurred by looming changes to federal tax laws, general economic improvement, elevated activity in an already recovering market.
-Price indicators were mixed, showing stability but with some evidence of growth by pending, size and quintile analysis.
-Days on market expanded as new supply shortage caused older inventory to be sold off.
-Luxury price trends out gained overall market yet luxury inventory did not fall as fast as many luxury sellers tried to “copycat” trophy sale success.
Here’s an excerpt from the report:
…The Manhattan housing market continued to be characterized by falling inventory across the re-sale and new development markets and an uptick in sales. Most of the price indicators in this report continue to range from demonstrating stability to modest growth. The market appears poised for some level of price appreciation in 2013, considering historically low mortgage rates that drive sales, coupled with a chronic shortage of active listings, which are at their lowest level in more than 12 years….
Here is some of the press coverage for the report today.