Manhattan’s Q3 sales rise, but not over Q3 of 2008

This chart from the Real Deal on the Manhattan market in the 3rd Quarter says it all.

After a year of declines in Manhattan co-op and condominium sales, the residential market has perked up enough for real estate appraisers and brokers at least to debate the question on the minds of many New Yorkers: Has the market reached a bottom yet?

Market reports released today showed that during this year’s third quarter, July through September, the number of sales rose steeply from the second quarter, but remained below the levels of last year’s third quarter, according to the New York Times. Continue reading