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.