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Fireworks! Manhattan sales volume surges in Q2, prices climb steadily

…The Fourth of July has come early to the residential real estate market. “You have a surge in demand meeting a chronic low level of supply and the result was fireworks,” said Jonathan Miller, president of appraisal firm Miller Samuel.

Indeed, the Manhattan apartment sales market had its most active spring since 2007, with the number of transactions jumping in tandem with a continued inventory crunch, reports released today by Manhattan residential brokerages show.

In the second quarter, 3,144 sales of Manhattan condominiums and co-ops closed, a dramatic 18.8 percent increase over the prior year and a 28 percent increase from the prior quarter, according to Douglas Elliman’s report, prepared by Miller….

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