Jan 3 Sales volumes of Manhattan apartments
jumped 30 percent in the fourth quarter, a report on Friday
showed, as buyers put aside concerns about the strength of the
overall economy and pushed inventory levels to historic lows.
The report by Douglas Elliman Real Estate showed there were
3,297 sales in the closing months of 2013, the most since the
company's records began 25 years ago. The supply of units was
down to 4,164, or its lowest level in 14 years.
The median sales price for condos in New York City hit $1.32
million, up 14.3 percent from last year. The median sales price
for co-ops, which comprise the bulk of sales, was $680,000, up
4.6 percent since last year.
Experts said increasing mortgage rates and dwindling
inventories had prompted many buyers to finally take the plunge.
"There was a sense of timing to be in, and that carried
through in the last two quarters of the year to record levels,"
said Jonathan Miller, president of Miller Samuel Inc., a New
York City real estate appraisal and consulting firm.
Miller said he expects to see modest, single-digit price
growth this year, after the heightened activity of 2013.
"I don't see this as sustainable," Miller said. "I do see it
being active in 2014, but I look at 2013 as more of an anomaly,
a blip in terms of activity."