The 1Q 2009 Manhattan Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 1Q 2009 [data]( and a series of updated [charts]( are also available.

Press coverage can be found here.

An excerpt

…Last fall’s rapid change in market conditions established a new housing market that reflected a lower level of activity and a reset of housing prices. The tipping point, which occurred last September at the bailout of Lehman Brothers and bailouts of AIG, Fannie Mae and Freddie Mac, marked a sharp contraction of credit, greatly restricting demand as participants had more difficulty obtaining financing. A national recession, rising unemployment and reduced compensation in the financial services sector also played a role in restricting demand. The market reset caused sellers to be more than a year behind the current market, still setting list prices in relation to the last high water mark in their respective buildings. This resulted in the expansion of inventory, listing discount and days on market metrics…

Download 1Q 2009 Manhattan Market Overview

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