According to the Douglas Elliman Report on co-op and condos sales in Manahattan, number of units sold increased to 2,394 during the first quarter of 2011 from 2,834 during the first quarter of 2010, an increase of 0.4%. While the pending sales index decline by 14.2% in the corresponding period. Average sales prices decreased by 6.7% for co-op and condos in New York while average price per square foot declined by 1.3% in the first quarter of 2011 compared with same period in 2010.Median sales price decreased by 9.9% to $782,071 during the first quarter of 2011 compared with $868,000 in the first quarter of 2010 in the Manhattan real estate market. The decline was mainly driven by impact of the federal homebuyer tax credit.

Although, median prices witnessed declining trend, new development prices shoot up by 15.5% year on year to touch $1.34 million in the first quarter of 2011. The market segment which dragged prices was re-sale segment. Median sales prices for re-sale on co-op and condos in New York dwindled by 12.7% during the first quarter of 2011 to reach $725,000. The pending price index increased by 7.1% year on year to touch 0.90 in the first quarter of 2011.

Listing inventory of co-op and condos in Manhattan during the first quarter of 2011 decreased by 5.3% to reach 7,605 compared with 8,027 in the same period during 2010.While absorption rate came down by 5.9% to 9.5.It took 127 days to sell property during first quarter of 2011 in Manhattan compared with 123 days in 2010. This is still below the ten year average of 132 days. Despite increase in number of days to sale the property, listing discount has come down to 4.5% in the first quarter of 2011 compared with 5.3% in the corresponding period of 2010.