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Manhattan Inventory Hits Record Low In Q3, Sales Keep Rising

The third quarter of 2013 ended with more of the same for Manhattan’s residential market: low inventory and increasing sales. Jonathan Miller, appraiser and Elliman Report preparer, says inventory hit the lowest level in the 13-plus years that he’s been keeping track, decreasing by nearly 22 percent to 4,567 listings….

…Miller notes that “inventory has not recovered yet because sales are rising faster than supply is entering the market.”…

…Miller notes that the third quarter got a boost from buyers overcoming their fear of the fiscal cliff….

…But the surge in sales likely won’t be sustained for long as inventory will remain low, because, according to Miller, “many [would-be buyers] have low or negative equity and can’t trade up or make a lateral move so they won’t list.”…

…Year-to-date, prices inched higher—Miller put the median sale price at $872,000—but overall, he found the average and median prices to decrease because of a shift to more sales of smaller and lower-priced units….

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