According to StreetEasy, in the third quarter of 2014 the amount of inventory has declined, while prices have increased. In fact, the median price in Manhattan is now $885,000, which is .6% up from the previous quarter.
This means that competition will continue to remain stiff among buyers. People looking to purchase a home in the city will have to demonstrate some advantages. This can include proving qualification and purchasing power through mortgage pre-approvals at the time of bidding. Otherwise, one may be at risk of losing the apartment to someone who is already qualified and ready to sign a contract.
A full report can be found in the link below.
http://streeteasy.com/nyc/market/reports