Two-bedroom units fared best for the first three months of the year, rising 15%. One-bedrooms and studios were not far behind with increases of about 12%, but larger homes lagged well behind. The prices of three-bedroom apartments turned in the worst performance, falling by 12%, while those with four or more bedrooms slipped modestly, by 3%.

The Douglas Elliman Manhattan Market Overview reports that the average discount for the period rose 3.5%, noting that during the 1990-91 recession that rate was a substantial 20%.

Average co-op prices fell 3% during 1Q 2001 from those of 4Q 2000, the largest ever tracked by the report. When apartments with four or more bedrooms are subtracted, however, the average co-op price goes up. Condominiums set a record of their own, albeit in the opposite direction; average sales prices bumped up 15% for the quarter over 4Q 2000, although the $633 per sf price stayed about the same. The average size of condos moved up to approximately 1,725 sf, a 15% hike.