Corcoran Q3 Report

The Corcoran Report, quarterly examination of Manhattan’s residential real estate market.This report utilizes data based on deals that closed in the 3Q of 2009. Closings usually occur 8 to 12 weeks after a contract is signed. In new development, that period can be as long as two years.

Q3 2009 buyers have realized meaningful price reductions since last year. Median price came in at $799,000, down 18%, with price per square foot falling 14% to $1,012. The number of deals was 38% lower compared to the same quarter a year ago.

In comparing 3Q 2009 to 2Q 2009, median price fell 6% from $850,000 to $799,000, and price per square foot decreased 1% from $1,027 to $1,012.

A bright sign in the market was a 16% increase in the number of unit sales in 3Q 2009 vs. 2Q 2009. Lower prices and pent-up demand brought many buyers back into the market.

source : Corcoran