The Bad News The number of sales dropped 24.1% from the prior year quarter to 2,654.
Listing inventory increased 34.6% compared to the same period last
year to 7,003 units.
The average days on market was 134days, 11 days longer than the 123 days of the prior year quarter.
The listing discount increased modestly to 2.6% from a discount of 2.0% in the prior year quarter.
The Good News
The average sales price of a Manhattan apartment remained above the $1,000,000 threshold.
The average sales price increased 8.1% since the prior year quarter to $1,480,363.
The median sales price increased 7.4% above the $864,397 median sales price achieved in the prior year quarter, reaching $928,263.
The average price per square foot rose 4.3% over the same period last year to $1,193
More Facts
http://www.prudentialelliman.com/NYCPhotos/retail_reports/mmo2008q3locked.pdf
(Prepared by Jonathan Miller – NYC’s #1 Appraiser)
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