Manhattan real estate’s got ‘extreme sales velocity’

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Manhattan real estate is hot, hot, hot. Sales in the last three months of 2013 rose 26.9 percent from the same period in 2012, New York Magazine reported, citing figures from Douglas Elliman.

The average sales price of a home rose 5.3 percent to $1.538 million; the median was up 2.1 percent, the news outlet said, and prices rose even higher for specific segments like condos (up 14.3 percent) or new developments (up 32 percent, according to The Corcoran Group). The brokerage described the fourth quarter as one of ¬†“extreme sales velocity.” Two-bedrooms were in highest demand.

Source: NYMag.com