03.04.2013 - Manhattan real-estate market in 2013 is ‘insane’
The laws of supply and demand are on full display in first-quarter real-estate market reports released today by the city's major brokerage and database firms. According to the Douglas Elliman report by appraisal firm Miller Samuel, the median price of an apartment in Manhattan is $820,555, up 5.9 percent from the first three months of 2012. (The average price is now $1.354 million.) In fact, says Jonathan Miller, who prepared the Miller Samuel survey, "all price indicators increased from year ago levels," in large part due to a big slump in inventory; there were 4,960 active listings in the first quarter, an astonishing 34.4 percent dip from the same time last year. Miller says inventory, which had been falling for a while, has actually "accelerated in [its decline] the last six months."..............................................Full Article: Source
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