New York's "Insane" Real-Estate Market

As amazing as the rebound in the Washington, D.C.-region's housing market is, it's good to keep a little perspective. Check out this article from New York magazine about the truly insane real-estate market in Manhattan.

"The laws of supply and demand are on full display in first-quarter real-estate market reports released today by the city's major brokerage and database firms," the article says. "According to the Douglas Elliman report by appraisal firm Miller Samuel, the median price of an apartment in Manhattan is $820,555, up 5.9 percent from the first three months of 2012. (The average price is now $1.354 million.)"

The lack on inventory is fueling the rise in prices, according to the report. Inventory, which had been falling for a while, has actually "accelerated in [its decline] the last six months."

Please contact me, Mynor Herrera, for expert advice on everything real estate. I am licensed in Washington, D.C., Maryland, and Virginia. And I specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium.