The 3Q 2009 Manhattan Market Overview , part of a report series that we have authored for Prudential Douglas Elliman since 1994, was released today.

Other reports we prepare can be found here.

The 3Q 2009 data and a series of charts are also available for viewing.

Press coverage can be found here.

An excerpt

>…The number of sales tend to peak in the
second quarter of each year. This is reflective
of the spring selling season including demand
generated from the early year Wall Street bonus
season. However, the peak level of activity
year to date occurred during the third quarter
suggesting the seasonal housing cycle was pushed
forward by three months. The unusually low
level of sales activity in the first quarter of 2009
appeared to set the stage for a release of pentup
demand later in the year. The summer surge
in the number of sales was caused by a myriad
of factors including mortgage rates at historic
lows, the $8,000 first time buyer tax credit,
increased affordability after the sharp correction
in price levels, and continued evidence that the
financial system was continuing to stabilize. In
addition, a 24% jump in the Dow Jones Industrial
Average over the past 6 months resulted in an
improvement in consumer confidence. Still,
unemployment remains elevated, employment in
the financial services sector continues to decline
and unusually restrictive mortgage underwriting
remains in place. Therefore, this surge in the
number of sales does not appear to indicate a
housing market “bottom”, but rather provides
some evidence that the housing market has
“turned the corner”…

Download 3Q 2009 Manhattan Market Overview