The median prices of properties in Manhattan are up by 5.9% at $900K but the volume of sales for condos and co-op plummet by as much as 9.4% in the 4th quarter of 2008.

The Q4 sales of co-ops and condos, according to a real estate report, are tallied as 2282 compared to 2007’s sale of 2518. Prices of the properties went up a notch from a median of $850K in 2007 to $900K in the Q4 of 2008.

The average sales price was around $1.49 million in 2008 while in 2007 the figure was pegged at $1.44 million. On a per square root basis, 2008 prices are notably higher by 0.3% at $1180 from $1183 of Q4 2007.

Year over year median prices of three bedroom, one bedroom units, and studios slid a bit down. The prices of two bedroom and four-plus bedrooms increased.

A 14% drop in terms of sales was also experience in the Manhatten real property market comparing the Q3 and Q4 of 2008.

The high end market in Manhattan was also affected by the credit crunch, specifically when the federal government took over Fannie Mae and Freddie Mac.

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