Photo via Wikipedia Commons user SpoilMeWith

This year Manhattan hit a new milestone, with apartments reaching an average sales price of $1 million for the very first time. The city's inventory is also on the rise, with the most number of newly constructed condos hitting the Manhattan market since 2007.

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.

When it comes to talking about the best neighborhoods to live in New York City, Manhattan’s Upper East Side neighborhood has consistently made an appearance in such discussions. If there was, however, any doubt on the exclusivity, grandeur and richness of the homes in the Upper East Side, then this particular news should serve to dispel any fears to the contrary. In Forbes’ annual list of America’s most expensive zip codes, this classic New York City enclave, with its 10065 zip code boasting a median home price of $6.5 million, has trumped other localities in the country to be called the most expensive neighborhood in America.

Buyers love to see apartments, but they’re not the only ones. Any seller knows that Manhattan’s open houses are filled with competitive people looking to buy a great apartment, but they also attract people who have no intention of actually signing a contract; many just want to see places for their own entertainment. Much like a Broadway show or a movie, it’s a way for people to engage in fantasy for a few hours, which is why many open houses for Manhattan apartments in the $1 million to $2 million price range are such scenes. Perhaps this is why, despite their popularity, some are beginning to question how useful open houses really are. This is the Internet age, after all, and many buyers now rely on sophisticated websites to buy apartments rather than brave the crowds. So this raises the question: if you’re selling an apartment in Manhattan, is hosting an open house worth your while?