August 2019 Manhattan and Brooklyn Sales Market Report

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Manhattan Trends:

• Compared to last year, August 2019 contract activity diverged for condominiums and co-ops, rising 10% for condominiums – but declining 8% for co-ops.
• Average sale price and average price-per-square-foot both decreased year-over-year.  falling most for co-ops.
• However, median sale price rose for both condominiums and co-ops, up 5% and 6% respectively.
• Listed inventory for condominiums and resale co-ops grew versus last year, up 10% and 7% respectively.
• Despite the increase in inventory, average days on market for condominiums declined 20% year-over-year… yet it increased 35% for co-ops during the same time period.
• The discount from asking price to final sales price was 3.9% on average for condominiums and 3.5% for co-ops.

Brooklyn Trends:

• In August 2019, contract activity fell 6% compared to last year, the smallest annual decline in sales since May 2018.
• However, this was the lowest sales figure for August in Brooklyn since 2014.
• Compared to last year, price statistics rose across the board, driven higher more sales above $1 million – and increased activity in northern and western sections of the borough.
• Median sale price increased the most, up 26% year-over-year – while average price increased 3% year-over-year.
• Days on market decreased 21% year-over-year… to 84 days on average.