State of the New York Real Estate Market – Manhattan 4th Quarter 2008
Fourth Quarter stats are in for the Manhattan residential real estate market in 2008. Here is an overview taken from multiple sources:
- Prices are down 20% from July of 2008
- Sales down 57% from same period in 2007
- Over 9,000 apartments are available for sale, up 3% from the previous quarter
- The average discount between asking price and sales price increased to 7.3% from 2.7% the year before
- Average days on market is 159 days, up from 131 days in the previous quarter
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Patrick Lilly holds a coveted position in the world of New York real estate as not only a top-tier producer in the city, but a sought-after expert in his field who’s been spotlighted in books, the media and seminars. A mainstay in the industry for over 25 years, Patrick has excelled to great heights in his field thanks to his exceptional knowledge of the market, proven flair for successful deals, and strong relationships with clients and peers alike.