Sales up, prices down in Manhattan housing market

The number of Manhattan sales dropped 45 percent to 7,430 between 2007 and 2009, according to The Real Deal’s 2010 Data Book (see the entire residential housing market history section from the Data Book below), but rose 8.4 percent between fourth-quarter 2008 and the last three months of 2009. The median sales price in the fourth quarter of 2009 was down 10 percent to $850,000 in the prior-year quarter. The average sales price in fourth-quarter 2009 was also down, by 12.7 percent to $1.3 million year-over-year. Meanwhile, there was a steep decline in inventory in the fourth quarter in the borough, attributed to pent-up demand, low interest rates and lower prices, according to the data book. “We saw fewer price cuts, and those price cuts were not as deep,” said Sofia Song, vice president of research at Streeteasy. To purchase the 2010 Data Book, click here or see the link at the top of The Real Deal Web site. TRD

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