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Trends from last quarter:
- Inventory Grows & Skews Toward High-End.
For the third quarter in a row, the number of available listings grew. Inventory growth is almost entirely condominiums and there is a concentration on luxury properties. Properties offered above $3M represented 28% of available listings (up 3% from last year), 11% of sales (up 2%).
- Price Per Square Foot Sets Another Record.
The value of real estate in Manhattan reached $1305. This is the eleventh consecutive quarter of increases in this metric.
- Less New Development Sales This Quarter.
Just 6% of sales closed were new development sponsor units. Most new developments today are still under construction and will reach the market in 2015.
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