The high-end of the market saw some hefty transactions in November, but it looks like only the high-end pads got in on the fun. In defiance of the usual seasonal pattern, in which sales perk up between Labor Day and the holidays, average apartment prices have stayed flat so far in the fourth quarter, while median prices fell about 3.9 percent, according to some Journal number crunching. Median prices went up only for condos. As far as slow sales periods go, that's on track to make this quarter second only to the first and second quarters of 2009. Bleak!
But the city's brokers aren't crying. To the contrary! Most say the healthy amount of sales activity they've been seeing this quarter just hasn't shown up in the sales data yet, and signed contracts are indeed up from October. In other words: please kindly refrain from panicking until early 2011.
· Manhattan Home Sales Slide [WSJ]