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Prudential Douglas Elliman Manhattan Market Report 2001-2010

Approximately 92,000 co-op and condo sales transactions from more than 6,500 buildings over the last ten years were analyzed. Each of the 53 different market areas have been presented with data tables and charts as well as a summary matrix that compare 2010 to the prior year (2009) and prior decade (2001).

…The three metrics to measure housing prices showed mixed result s over 2009. Median sales price for 2010 was $880,000, 3.5% above $850,000 in 2009 and more than double the $430, 000 in 2001. The 2010 result was the second highest only to the 2008 median price of $955, 000, which was considered the peak of the Manhattan market. Average sales price followed the same pattern, rising 4. 6% to $1,457, 255 in 2010 from $1, 393,001 in 2009. Like the median sales price the result was second highest onl y to the 2008 peak of $1, 591,823. The key reason for the year ov er year increase in these metrics was due to the shift in the m ix towards larger apartment sales. The 2009 housing market could be referred to as the Тye ar of the first time buyerУ as entry-level apartment sales were the first to gain traction after the onset of the cr edit crunch in late 2008. The av erage square footage of an apartment sale in 2010 was 1, 375 square feet compared to 1,298 sq uare feet in 2009…

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