Market Reports

MANHATTAN 1ST QUARTER 2009 MARKET REPORT

Market conditions in Q1 09 confirm what we began to observe at the end of 2008: the credit crunch and national recession have created a new housing market defined by a lower level of prices and sales activity, a first step in improving affordability for many.

By the end of the first quarter, there was a noticeable up tick in contract activity and attendance at open houses, while partially attributable to seasonality, it was also a sign of first time qualified buyers seeking to take advantage of improved affordability.

Inventory levels are up 34.3% from this time last year, but not as much as expected because “casual sellers” are not in the market like they were in 2006 when inventory levels were nearly as high. People that are listing their properties today generally want to sell.

The median sales price of a Manhattan re-sale property — defined as any property not sold in a newly constructed or converted development — fell 20.8% to $675,000 from $852,500 in the same period last year.

New development prices generally reflect market conditions of more than a year ago.Co-ops accounted for 34.8% of all sales this quarter, down from 44% in the prior year quarter and about half the market share of the same period five years ago. The drop in co-op market share was attributable to the surge of condo new development activity,
not weaker interest in the co-op form of ownership.

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If you need any help with your Real Estate needs, please contact:

CJ MINGOLELLI, Associate Broker
Prudential Douglas Elliman Real Estate
26 West 17th Street
New York, NY 10016
ph: 212.321.7117
fax: 646.497.8782
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