Great Time To Buy!

The average price per square foot of a Manhattan apartment fell by more than 15% in the third quarter of 2009, compared to the same period last year. The average price per square foot has now dipped below $1,000 per square foot, down from $1,196 per square foot a year ago. Buyers are taking advantage of the lower prices, with sales activity increasing 45% from the second to the third quarter. Inventory levels also fell by more than 10% in the September period, a strong indicator that prices may be bottoming out soon. The stock market continues its strong rebound and mortgage rates remain near record lows. As a result, an increasing number of buyers are feeling more confident to take advantage of the lower prices. On the downside, rising unemployment rates in Manhattan may slow the real estate recovery in the near term. All told, it remains a very strong buyer’s market in Manhattan!

For a complete edition of the Third Quarter Manhattan Market Report click here: www.prudentialelliman.com/marketreports