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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