NYC Residential Fourth Quarter 2008

Market Report provided by The Real Estate Board of New York

Homes (includes all condominium, coopera- tive units and 1-3 family dwellings) ␣ The average sale price of a home in New York City during the fourth quarter of 2008 was $669,000, a 10% decline from a year earlier. This decline continues a downward trend in all home prices since the beginning of the year. However, to provide another perspective, the fourth quarter 2008 price is still above the average price in the fourth quarter of 2006 and almost 17% higher than the average price in the first quarter of 2006 ␣ Manhattan was the only borough to post an increase in year-on-year average all homes' sale price. The 5% increase to $1,417,000 is due to the effect of the prices in condo market as well as the resilient coop market prices and volume. Also, a notable fall in transaction volume for Manhattan townhouses did not affect the average Manhattan all homes' price much since the few transactions that occurred were much higher than last year's average price.