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DownMarket Reports: Choose Your Own Adventure!

[Graph courtesy Halstead Market Report]

Oh hell yes—it's market report day, that special day once every three months when our inbox is deluged with PDFs from real estate firms and we struggle to remember the difference between medians and averages. Let's check the report cards, shall we?

1) The market is stable! "Manhattan co-op and condominium prices sagged a bit last quarter, in the usually slow summer selling season, but by most measures they remained healthily above prices reported a year ago, according to a number of competing market reports released yesterday." [NYTimes]
2) The market is dropping! "A year after the city's red-hot real estate market first cooled off, Manhattan apartment prices are falling." [NYSun]
3) The market is plummeting! "The top-heavy Manhattan residential real-estate market is teetering toward a long downward slide, new sales data show." [NYPost]

Now that we've got that out of the way, let's look at the numbers. All in all, an oddly mixed bag. Jonathan Miller's market report for Prudential Douglas Elliman shows an average sales price of $1.3 million, down 7% from the previous quarter—but still a bubbly 12% above the average from a year ago. Brown Harris Stevens' report hows a 10% drop in average sales price, quarter-to-quarter, and a 4% decline from the same time last year.

Time on market is on the rise—from 144 to 150 days, says Miller's Elliman report—not enough to induce vertigo just yet. Broker blog TrueGotham has more Elliman data, for those hungry to feed the data beast. (Further neighborhood analysis to follow in this space, fear not.)

While Manhattan tries to decide what to do, Brooklyn keeps the faith, reporting healthy year-over-year increases. "Brooklyn continued to be the shining star of the New York real estate market," declares Corcoran's Pamela Liebman. Adorable!

In sum, as a commenter so aptly put it in our recent Curbed Reader Roundtable on the state of the market, "Hee haw, hee haw!!" To which we can only add, amen.
· Prudential Douglas Elliman Third Quarter Overview [True Gotham]
· Except for 'Very High-End' Housing, Manhattan Market Quiet [USA Today]
· Market Report: Brooklyn City's 'Shining Star' [Brownstoner]
· Curbed Roundtable: October State o' the Market Report [Curbed]