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Manhattan Trends:
- There was a divergence in January sales activity among condos and co-ops, as contracts signed fell year-over-year for condos… but rose for co-ops.
- Price statistics for condos varied as average price increased substantially due to select high-priced deals – while median price decreased.
- All pricing metrics for co-ops decreased – due to a shift in market share of sales to smaller less expensive homes.
- However, the average price-per-square-foot improved for condos due to a few sales above $30M.
- Listed inventory continued the trend of annual increases, as both condo and co-op figures grew.
- Days on market increased by double-digits for co-ops, while condos sold quicker versus last year.
- Negotiability increased for both product types, as the spread from last asking to sale price was 5.7% for condos and 3.3% for co-ops.
Brooklyn Trends:
- During January, the Brooklyn market saw a mix of market indicators including varied price statistics and more contract activity, but also increased days on market and expanding inventory.
- Median price fell 11%, driven by growth in contracts below $1M. Average sale price increased 6% which was partially caused by sales over $6M that occurred in Brooklyn Heights.
- Average price-per-square-foot rose 10% year-over-year due to a penthouse sale.
- Contract activity improved 2% compared to both last year and last month, partially due to a larger share of buyers negotiating on price.
- Average days on market rose 45% year-over-year as the general slowdown throughout the market continues.
- The 31% increase in new listings compared to last year was primarily due to the launch of new developments (such as One Clinton in Brooklyn Heights.)