Today several quarterly reports detailing the ups and downs of the Manhattan real estate market at the end of 2011 were released, and the headline, according to the Wall Street Journal, was a sharp decline in sales. Though apartments in Manhattan still sold for an average price of $1.445 million and a median price of $855,000 (about even with past reports), the number of deals fell 12.4% from the fourth quarter of 2010, and 35% from last summer. Part of that drop has to do with seasonality — the fourth quarter is typically the slowest real estate sales period — but the blame can also be pinned on a simple lack of supply. New condominium sales showed the deepest declines, and as the Journal writes, “Real-estate brokers noted that the supply of apartments on the market had been shrinking, especially for new condominiums, which showed the fewest listings on the market in several years.”

Is this lack of supply creating demand? It’s one of the major story lines to follow in 2012, according to Shaun Osher. CORE’s founder and CEO offered these predictions for the 2012 Manhattan real estate market, with the impact of new inventory being chief among them:

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I look forward to going to The Real Deal New Development Forum every year to feel the pulse of the industry and see familiar faces from every facet of the vibrant New York City Development community. This year was no exception. As Director of Marketing for CORE Group Marketing I am put to the task of assembling teams with representatives from a multitude of professions within the development industry. These diverse components are a crucial factor in the overall success of a project and speak directly to the bottom line, achieving the highest price per square foot for the developer client. Representatives from the fields of law, architecture, finance, advertising, web design, building management, A/V products, public relations, media, concierge services and developers were in abundance and it was a pleasure to speak with them to truly appreciate all the effort that produces the Unites States’ most vibrant real estate economy. I look forward to seeing all of you next year with more great projects to work together on. In the meantime, I am curious to know which speaker you enjoyed most and which part of the event was most valuable to you?