February 2019 Manhattan and Brooklyn Sales Market Report

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

• Similar to last month, the condo and co-op markets performed very differently: condo sales again declined by double-digits while co-ops experienced another slight uptick in contracts signed.
• Price statistics for condos were impacted by fewer sales at the very high end, forcing the average price downward while median price remained level.
• All pricing metrics for co-ops decreased as the share of sales shifted further in favor of homes under $1M.
• Average price per square foot fell for both condos and co-ops, declining among nearly all bedroom types.
• Listed inventory and average days on market universally increased and went hand-in-hand with a deepening of negotiability for both product types.
• The spread from last ask to sale increased year-over-year to over 4% for condos and nearly 3% for co-ops.

Brooklyn Trends:

• During February, Brooklyn saw mixed market indicators – including rising price statistics and lower contract activity, but also level days on market and declining inventory.
• Median price rose 18%, driven by fewer contracts below $1M in February 2019.
• Average sale price increased 9%, which was partially caused by sales over $4M in prime Brooklyn neighborhoods – and average price per square foot rose 8% year-over-year due to new development sales in Cobble Hill.
• Contract activity declined 21% compared to last year and remained flat compared to last month as the general slowdown in the market continues.
• Days on market remained level year-over-year and declined 18% compared to January 2019 – but still remained above the Brooklyn three-year average.
• The number of new listings declined 5% compared to last year and 23% compared to January 2019 – primarily due to fewer new development launches throughout the borough during February 2019.