September 23, 2013 02:05PM

The Manhattan housing market in 2013 was all about the shortage of properties on the market and the strength of the uber-luxury sector. Long gone were the doubts, that had persisted into 2012, about the stability of the market following the Wall Street bust.
Inventory dropped to a 14-year-low and average prices hit a new high of $1.5 million. Asking prices reached new heights, and several record-setting condo deals reportedly were in contract for north of $90 million during the year, but had not closed by the end of 2013. The outer boroughs saw similar positive trends overall, while the growth in rental prices citywide was more muted.