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Elliman Report: Manhattan Sales 4Q 2013
…The final quarter for the Manhattan apartment market was characterized by a record fourth quarter sales volume, record low inventory and record condo prices. Typically the weakest quarter of the year, the fourth quarter sales total of 3,297 was the highest fourth quarter total in at least 25 years and was above the very active spring market. The burst in sales activity was the remainder of momentum that began in the third quarter fueled by the May/June spike in mortgage rates as well as the release of pent-up demand culminating with the fiscal cliff event at the end of 2012. The absorption rate, the number of months to sell all inventory at the current pace of sales, was at a near record pace of 3.8 months…
