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New York, New York

Listing price: $1,000,000
Bedrooms: 2
Bathrooms: 2 full, 1 half
Size of home/lot: 1,350 / 1,688 sq ft

$1 million+ market*
Homes for sale: 3,217
Median size: 2,459 sq ft
Median time on market: 68 days

Local perspective:
In New York, activity has doubled in the first quarter from a year earlier, with 1,195 sales in Q1 2009 compared to 2,384 in Q1 2010, up due to buyers reentering the market and sellers getting their asking price. Inventories are down nearly 24%, and with increasing demand. Buyers are optimistic of increasing values over time.

Short sales are also occurring in New York, and this is where buyers are getting the best deals, according to realtors in the area. The current example is a short sale that was originally purchased in January 2008 for $1.45 million.

The outlook is “extremely positive” over the next 12 months, as prices are expected to adjust with high demand and shorter supply.

Photo and listing: Jill Damico, Prime New York, Real Estate || *Listings as they appear on Zillow.com