- Low inventory: available residences in Manhattan decreased in number for the twelfth straight quarter (three years).
- Demand is aggressive and on the rise: more contracts are being executed now than at the same time a year ago, a trend that has been ongoing for eight quarters (two years).
- Short supply and high demand meant higher prices: the price per square foot in Manhattan reached $1197, a five-year high (just 5% off the all-time high of $1261 in Q2 08)
- New development sales are pumping up luxury sales and resulting in dramatic price gains at the high end.
This was the twelfth quarter of year-over-year listing decline. Condo inventory declined 3% and co-op inventory declined by 8% compared to Fourth Quarter 2012. Inventory is currently 54% lower than its peak of 12,336 listings in the First Quarter of 2009.