…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