"There were 2,299 closings reported in the first quarter, an increase of 92 percent from the depressed level of a year ago," according to the First Quarter 2010 Report of both Halstead Property and Brown Harris Stevens.

"Although the number of sales rose dramatically, the average and median price for apartments remained below the levels of a year ago. At 1,369,883, the average price of a Manhattan apartment was 9 percent below the first quarter of 2009 while the median price fell 10 percent to $820,000," the reports, which was prepared by Gregory Heym, maintained.

"Apartments in new developments sold for an average of $1,146 per square foot during the first quarter, 11 percent less than a year ago," the study continued continued.

"There were 8,027 listings at the end of the first quarter, 23.1 percent below the 10,445 listings in the same period last year, but 17.2 percent higher than the prior quarter total of 6,851. This excludes, however, an estimated 6,500 units of new development 'shadow inventory,'"" according to a report prepared by Miller Samuel Inc., for Prudential Douglas Elliman.

The report noted that the median sales price of Manhattan apartments has "shown signs of stability since the second quarter of 2009 as rising sales helped stem the decline of property values that had peaked at $1,025,000 in the second quarter of 2008."

"Due to the surge in sales activity in the second half of 2009, sales in the first quarter reflected more recently listed properties. The average days on market to 124 days from 170 days in the prior year quarter and dropped from a recent high of 204 days in the prior quarter. Listing discount also contracted sharply as sellers were becoming more in sync with market conditions. The listing discount fell to 5.4 percent from 12.4 percent in the prior year quarter and from 12.8 percent in the prior quarter," the report said.

"The return to more normal levels of sales activity over the past three quarters was fueled by low mortgage rates, improved confidence as a result of significant gains in the stock market, and the first-time buyer and existing homeowners tax credits. There remains concern in 2010 over the potential for rising mortgage rates, expiration of the tax credit and an economy that has not established significant improvements in unemployment and mortgage financing terms," the report maintained.

"Buyers have become to realize that, from here on out, prices will more likely go up than down," maintained Pamela Liebman, chief executive officer of The Corcoran Group, whose First Quarter 2010 report indicated that "downtown Manhattan, comprised of neighborhoods below 34th Street, accumulated the largest percentage of sales again this quarter with 34 percent though this was a slight decrease in market share versus Fourth Quarter 2009." "The East Side garnered 25 percent of the market, while the West Side accrued 21 percent," it continued, adding that "One-bedroom residences accounted for the highest percentage of sales during First Quarter 2010, with 37 percent. Two-bedroom residences accounted for 34 percent."