In the fourth quarter of 2008, for example, resale median prices in Manhattan fell 9.5% for condominiums and 5.2% for co-ops compared with the third quarter of 2008, according to real estate website StreetEasy.com.
This quarter, they declined even more, both compared with the prior year's first quarter and sequentially, said Sofia Kim, the website's head of research.
From the market peak between the fourth quarter of 2007 and the first quarter of 2008, listing prices, typically higher than the selling price in a buyers' market, plunged between 10 and 20%.
"I still don't think the market has bottomed out" said Kim, who expects prices to decline at least another 10%. In the first quarter of 2009, the number of Manhattan homes on the market hit 15,460, a 41% increase compared with the first quarter of 2008,
New York City 2010
