Here are a few of the key findings from Corcoran’s First Quarter 2014 Report:
• Low inventory. Available residences for sale in Manhattan continued their three-year slide, thwarting the ambitions of potential buyers.
• A slower pace of sales. A bitter winter combined with few available options resulted in less action in the market.
• Aggressive competition at the high end. Demand continued for luxury property and new developments.
• Record high prices: the price per square foot in Manhattan reached $1276, a number that exceeds 2008’s previous record by 1%. The proportional rise of high-end sales in the market played a strong role in setting this new record.
You can see the complete report right here.
ANNALISA MENIN 