Figures for the final quarter of 2004 indicate a plateau in prices for the broader markets during the final two months. Q4 finished with a modest 3.4% rise in the average sale price, driven primarily by strong October demand and an increase in million dollar sales volume.

The average sale price rose for the 7th consecutive quarter, up 3.4% above the third quarter to close at $927,152 compared to $896,685. The record high was 20% above the 4th quarter 2003 average of $770,088.

Another sign that the market was slowing was the 3-4% rise in the average sale price for all neighborhoods from the 3rd to 4th quarter of 2004. Compared to the 4th quarter of 2003, the East Side had the highest increase at 29% to finish at $881,000. The West Side finished the year with the highest average price of $1,084,000 posting a 9% gain while midtown prices rose 20% to $722.000. After falling below the East side early in the year, the average Downtown sale price regained 2nd place to finish at $945,000 a 12% gain above Q4 2003.

The percentage of sub-million dollar sales dropped to it lowest level in over two years closing at 73% of all sales recorded in the 4th quarter of the year compared to 81% in 3rd quarter, and 80% in 4th quarter of 2003. Conversely, million dollar sales rose to their highest level closing at 27% of all sales in the 4th quarter, up from 19% in 3rd and 20% in 4th quarter of 2003.