Sales of Manhattan apartments have hit a fourth-quarter record, with wealthy international buyers competing with New Yorkers to get a foot in the door as prices soar.
The number of purchases rose 27 percent compared with the same period the year before to 3,297, according to new data released on Friday. Although down from 3,837 in the third quarter, this was the highest fourth-quarter tally since records began 25 years ago, according to appraiser Miller Samuel and brokerage Douglas Elliman Real Estate.
(Read more: New York is running out of luxury apartments)
Limited supply has led to buyers often making immediate all-cash offers, participating in bidding wars and making decisions based on floor plans alone, in an echo of the previous property boom. The number of days a property was on the market in the fourth quarter almost halved from the previous year to 95 days.