The 1Q 2008 Manhattan Market Overview that I author for Prudential Douglas Elliman was released today. Other reports we prepare can be found here.

The [data]( and a series of [charts]( will be uploaded today as well.

An excerpt

…The elevated pace of sales from the past 5 quarters cools as the volatility in the financial markets begins to touch Manhattan. Based on activity in the first quarter it is likely that the record number of sales in 2007 will not be repeated in 2008. Sales in the current quarter declined to levels seen two years ago. The reduction of available credit, less favorable mortgage terms, the national economy moving towards a recession and the specter of additional layoffs in the financial services sector over the next two years has begun to restrain the demand for Manhattan residential real estate. Still, the regional economy is performing well, tourism and hotel occupancy rates are at or near record levels and the New York City government is financially well positioned for the next two years. The US dollar has set new lows against several currencies, which continues to bring new sources of demand, with specific emphasis on condo new development projects….

In 2005, I began posting the links of the coverage of each report to see how each media outlet reports the market using the exact same data. I find it to be an interesting experience.

The media coverage of the report will be provided here as they are released over the week.

Manhattan Apartment Prices Hit Record High Despite Slump [NYT]
Housing Slump — in New York ? [WSJ]
Manhattan Condo, Co-op Sales Decline Most in 18 Years (Update2) [Bloomberg]
Trouble in the sky-rise? [The Economist]
Co-op, condo sales dive in Manhattan [NY Daily News]
Manhattan apartment prices increase [The Real Deal]
Manhattan Home Sales Slow, Prices Rise [AP]
Manhattan apartment prices rise but sales fall [Reuters]
First Quarter Reports: Real Estate Cooling [New York Sun]
Average Manhattan home hits record $1.6 million [CNN/Money]
Manhattan apartments: prices up, sales down [Crain’s]
First Quarter Market Reports: Prices Up, Sales Down [Curbed]
Condos Ascendant! But What Price Victory? [New York Observer]
Manhattan Apartments Remain Pricey, Slowdown Ahead [Gothamist]
NYC home sales drop [Times Leader (PA)]
Housing Market Tracker – It’s About Affordability, Stupid.[Seeking Alpha]
Manhattan Home Sales Slow, Prices Rise [Huffington Post]
Manhattan apartment sales drop off in 1st quarter, but prices still climb due to luxury sales [MN Star Tribune]
Real estate data show market cooling [Metro.US]
Property in Manhattan at an 18 year Low [Investment Markets]
What Slump? Manhattan Housing Prices Hit Record High [NY1]

Radio and TV clips

[April 2, 2008] [CNN en Espanol](
[April 2, 2008] [Bloomberg TV](BLOOM_04-02-2008_05.24.29.wmv)
[April 2, 2008] [NY 1](NY1_04-02-2008_07.14.06.wmv)
April 2, 2008] [Bloomberg Radio](

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2 Responses to “[Transition Report] 1Q 2008 Manhattan Market Overview Available For Download”

  1. As always, THX for the numbers and analysis.

    Any comment on the differences between your transaction number of 2,285 and (especially) the Terra number of 2,857, which Terra says is based 99% on ACRIS?

    Curbed posted a portion of a Greg Heym memo yesterday, at

  2. Jonathan J. Miller says:

    Thanks Sandy! I addressed this issue today in my post: