May 2019 Manhattan and Brooklyn Sales Market Report

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Manhattan Trends:

• In May 2019, the volume of condo sales was 9% lower compared to last year – while co-op sales fell 10% during the same period.
• Price statistics declined for each apartment type. Overall condo and co-op average and median price figures dropped year-over-year – as the number and market share of sales over $3 million declined.
• Listed inventory for condos and co-ops increased 6% and 9% year-over-year, respectively.
• Average days on market subsided slightly for condos, but rose among co-ops versus this time a year ago.
• Negotiability remained the norm for both product types, with condos averaging a 3.4% discount and co-ops reaching a 2.4% discount from last ask.

Brooklyn Trends:

• In May 2019, median price rose 6% year-over-year, driven by an increase in the market share of sales over $1 million versus last year.
• However, average sale price remained essentially flat, up 1% year-over-year, due to fewer deals at the top of the market over $4 million.
• Nevertheless, average price-per-square-foot still rose 3% year-over-year, due in large part to a 13% increase in pricing (per sq. ft.) for 3+ bedroom homes.
• Contract activity fell 18% compared to last year as low buyer confidence continues throughout the market.  The market uncertainty was also reflected in the 18% year-over-year increase in days on market versus May 2018.
• The number of additional new listings increased 3% compared to last year and rose 12% compared to April 2019.
• As inventory rose amid lower demand, average negotiability increased nearly 2% year-over-year.