State of the New York Real Estate Market – Manhattan 1st Quarter 2009
First Quarter stats are in for the Manhattan residential real estate market in 2009. Here is an overview taken from multiple sources:
- Over 10,000 apartments are available for sale, up 15% from previous quarter
- Sales declined 47.6% from same period last year
- 57.2% of sales for 1st Quarter were Re-sales, down 69.5% from same period 2008
- Median sales price of re-sale property fell 20.8% from prior year quarter
- Median sales of a new development rose to 31.4% from prior year quarter
- Average days on market rose to 170 days, previous year quarter was 146 days
- The average discount between asking price and sales price increased to 12.4% from prior year 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.