Manhattan real estate may be heading towards a seller's market this market, according to the latest reports from real estate agencies.
The number of apartments for sale dropped 34.4 percent to 4,960 listings in the first three months of the year - the largest year-over-year decline in 12 years, according to a report by the Douglas Elliman brokerage firm.
Meanwhile, the number of sales went up 6.3 percent to 2,457 and prices increased across all categories, with the median sales price at $820,555, up 5.9 percent, according to the report.
"The demand is across the board from studios to $50 million apartments, and there is not enough supply," said Pamela Liebman, the chief executive of the Corcoran Group.
The Corcoran Group said that the median price was stable for the first three months of the year compared with the same period in 2012. "There are more bidding wars. There's more frustration."
While the average price was down 10 percent, Corcoran attributed that dip to a shift in market share toward smaller apartments and resale co-ops as more entry-level buyers, enticed by low mortgage rates, decided to buy.
