…Purchases of condominiums and co-ops surged 30 per cent from a year earlier to 3,837, the second-biggest quarterly total in 24 years of record keeping, according to a report today from appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate.
The number of homes on the market at the end of September fell 22 percent from a year earlier to 4,567, the lowest since Miller Samuel began tracking the data 13 years ago.
An abrupt increase in mortgage rates tipped more buyers into the Manhattan market, where the supply was already tight, according to Jonathan Miller, president of New York-based Miller Samuel….
…“Rising rates primed the pump in terms of people moving sooner rather than later,” Miller said in an interview….
…The pool of available homes is shrinking as owners who bought during the boom and then saw values plummet in the crash wait to list their properties until they’ve recovered enough equity to justify a sale, according to Miller….
…Buyers are rushing to get what remains, shortening the amount of time it takes sell a property in Manhattan to 88 days, a 54 per cent drop from a year earlier, according to Miller Samuel and Douglas Elliman….