Co-op market sparked during first quarter.

For the third consecutive quarter, studio and one-bedroom co-op unit purchases rose, sparking an increase in sales volume while reported median prices fell, according to findings published by the Real Estate Board of New York in its First Quarter 1996 Cooperative Sales Report. The median price per room for East Side pre-war apartments jumped, however, from last year's mark and West Side prewar unit prices began showing potential for a rebound.

According to the market study, the volume of sales reported in the first quarter of this year totaled 414 compared to 368 during the same period in 1995. Primarily because of a preponderance of reported studio and one-bedroom sales, most transactions fell in the $100,000 to $200,000 range. The prevailing sales price range during the first quarter of last year was $200,000 to $300,000.

"While the trend toward smaller apartment purchases continues, what really stood out in the first quarter statistics is the restored appeal of pre-war units," said REBNY Executive Vice President Deborah Beck, who noted that recent figures from this sector of the market indicate a significant turnaround.

She pointed out, for example, that the reported median sale price per room for East Side pre-war units rose sharply in the first quarter after decreasing in four of the previous five quarters. The $110,913 median sale price per room was the highest such figure since the third quarter of 1994 and represented a nine percent increase from the first quarter of 1995. The East Side post-war median sale price per room dropped 26% from the first quarter of 1995 to $58,444.

Although the median sale price per room for West Side pre-war apartments was down six percent from the first quarter of 1995, Beck noted that the $66,800 figure ended three consecutive quarters of price declines for such units. The median sales price per room for West Side post-war apartments was up 10 percent from the first quarter of 1995 to $55,000, a trend in keeping with the modest rise seen over the past two quarters.

Here's how other trends play out in REBNY's First Quarter statistics:

* The median price per room dipped for all co-op size categories in the first quarter of this year compared to the same period in 1995. Studios and one-bedroom units fell to $45,000 from $50,000; two-bedrooms dropped to $78,889 from $83,500; three-bedrooms declined to $111,875 from $131,339; and four-bedroom and above decreased to $118,700 from $159,375.

* Overall, the median first quarter sale price for all units was $334,500 compared to $360,000 in 1995.

* As was generally the case a year ago, most East Side pre-war unit sales occurred in the $200,000-to-$300,000 range. In comparison with other areas, less than 20 percent of East Side pre-war reported sales were for one bedroom apartments or smaller. East Side post-war transactions were mainly in the $1000,000-to-$2000,000 range, the same as last year.

* On the West Side, most sale prices for both pre-war and post-war apartments fell into the $100,000-to-$200,000 range, down from last year's $200,000-to-$300,000 figure.

* Median time on the market during the first quarter was 7.4 months, down slightly from the first quarter of 1995. Studio and one-bedroom apartments showed the biggest improvement with a 19 percent drop to 6.7 months.

* Time on the market for East Side pre-war apartments dipped slightly to 7.8 months from 8.2 months during last year's first quarter. Post-war units saw a similar decrease to 8.5 months from 7.9 months. West Side apartments' time on the market was virtually unchanged for pre-war units at 5.8 months. Post-war units declined nine percent to 4.9 months.

The Real Estate Board Cooperative Sales Report is the only fully documented survey of the city's co-op housing market, a sector whose transactions are not publicly recorded. The report pools and analyzes confidential sales and data supplied monthly by over 20 REBNY member firms. The complete findings, distributed exclusively to those firms, help brokers assist their clients in setting realistic offering or sale prices.