We crunched the numbers for the 2012 real estate market in Manhattan and have found some interesting trends regarding increased consumer demand and the amount of new inventory scheduled to hit the market in 2013.

If the listings on this site are any indication, there are certainly a lot of new buildings coming into Manhattan’s real estate arena. To live in a luxury apartment in the city is a dream of many a New Yorker, and these prized new developments are being created to satisfy the demand for these remarkable homes. Recent reports have said that there’s been a rise in the construction of such new residences, with new building permits being issued left, right and center.

With residential real estate inventory levels as low as they are in New York City, it seems that people on the lookout for luxury condominiums in Manhattan are now willing to put their money down for homes even before they are actually built. With the demand for apartments showing no signs of diminishing, and the number of actual apartments for sale still at a minimum, people are now putting their hopes for new homes in the many new buildings that are rising up around the city. Besides being very impressive in their design and architecture, these rising structures have also managed to command top dollar in an increasingly competitive real estate market.

With both residential and office towers popping up like wildflowers all around the city, an annual report by The New York Building Congress predicts that the annual construction spending in the city is expected to reach a record high of $30.7 billion this year. This development has been hailed as good news for New York City’s real estate sector, as this is the first time that the city’s overall construction spending has exceeded $30 billion since 2008. This rise in spending has been credited to two main reasons: an increase in demand for luxury housing, as well as an increase in activity in both non-residential projects and government spending.

As covered extensively by New Construction Manhattan, the Manhattan real estate market has been booming from the number of condominium sales in the past month despite the struggles of the national and global economy. Enthusiastic buyers, spurred by a 3% decrease in market-wide inventory since last year, have diligently pursued apartments for sale in Manhattan, and this trend has greatly benefited brokers, many of whom now find themselves selling condominiums above their asking prices.