All Is Quiet (in Real Estate) on New Year’s Day

timessquaresubwayentrance All Is Quiet (in Real Estate) on New Years DayThe commute in this morning revealed a city largely in slumber–quiet, roomier subway cars and sidewalks as sweeping as Midwestern plains.

But, before the end of this businessweek, expect a flurry of residential real estate activity. The last month or so has been spent in prognostication of 2008 to come and remembrance of 2007 past. But all that was done without hard numbers, and those hard numbers come by Friday from major brokerages like the Corcoran Group, Prudential Douglas Elliman and Halstead Property. We will find out how the Manhattan housing market did in 2007, and that will give a peek at what it might do in 2008.

Prediction: The reports will show a record amount of home sales in 2007, but a general drop in median and average prices.

Prediction: Sales will be lower in 2008 and so will prices, but neither by much.

Prediction: People will be making real estate predictions for 2008 into at least March, when they switch to making predictions about 2009.