Prices Down to 2006 Levels

Market conditions are just getting better and better for new Manhattan homebuyers in early 2009. Selling prices (actual contract prices as opposed to listing prices) have dropped to mid- 2006 levels, reversing all the pricing gains in late 2006, 2007, and the first half of 2008. In the meantime, mortgage interest rates are hovering near historic lows, around 5.0%. More importantly, the banks are actually starting to lend money again! All told, we are in a superlative buyer's market.