Market Update: Q1 2011

A breakdown of the Manhattan real estate sales and units per square foot in this interactive map gives an interesting perspective of the changes going on this year. According to streeteasy.com, the average price of the apartment  has fallen. Median and average prices for condos, co-ops, and new developments declined 7.8 percent and 8.4 percent respectively this quarter. Also, Halstead Property found that apartments are taking longer to sell than the previous quarter.

So what does this mean? The game is slowing shifting to the buyers in the market, giving them more choice and leverage to find the perfect place. This, paired with the astounding online and mobile resources such as buyfolio.com or Zillow that make real estate intuitive to consumers, is making the industry even more dynamic.

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