JUST RELEASED
MANHATTAN MARKET REPORT - 2ND QUARTER '09

"The Q2 09 spring market experienced a seasonal uptick in
sales activity including a release of pent-up demand from the
beginning of 2009"

Listing inventory grew 8.7% over the same period last year,
much less than was anticipated as many sellers opted to wait
and list their properties when market conditions improve.

The median sales price of a re-sale co-op or condo apartment
fell 25.6% from the same period last year. New development
sales reflected buyer and seller attitudes of more than a year
ago.

There were 50.3% fewer sales in the second quarter as
compared to the same period last year, as weaker economic
conditions and more difficulties for many to obtain a mortgage
made it more difficult to buy an apartment.

The average amount of time to sell an apartment is now 162
days, 27 days longer than the same period last year, as rising
inventory creates increased competition between sellers.

Click here to view a complete version of this report.