Manhattan real estate market surges


The Manhattan real estate market continued a trend characterized by few listings, surging sales and flat prices.

The median sales price of $855,000 was up just slightly from the same quarter of 2012.

A strong local economy, stock market gains and steady foreign interest helped bolster demand for Manhattan apartments as supply continued to shrink, brokers said.

The number of sales rose 26.8 percent to 3,297. 

New development median price increased  32 percent.

It is a trend that is expected to continue in 2014 as a number of new luxury developments currently in contract at record-breaking prices are poised to close.

Via: NYT