September 2019 Manhattan and Brooklyn Sales Market Report

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Manhattan Trends:

• Compared to last year, September 2019 contract activity diverged by product type. Condo sales fell 12% while co-op contracts signed rose a slight 2%.  Overall, the total number of sales was at its lowest level since September 2011.
• Average and median price statistics for condos declined annually across the board.
• On the other hand, average and median sale price both increased year-over-year for co-ops, up 3% and 19% respectively. 
• Listed inventory for condominiums and resale co-ops expanded versus last year, up 5% and 12%, respectively.
• Despite the increase in inventory, average days on market for condominiums declined 5% year-over-year but increased 39% for co-ops during the same time period.
• Negotiability deepened to 4% on average for both condos and co-ops.

Brooklyn Trends:

• In September 2019, contract activity rose 29% compared to last year, the largest annual increase in sales since August 2015.  However, the percent change was skewed by an unusually slow September last year.
• Compared to last year, average price remained level and median price declined 9% year-over-year.
• The median price decline was driven by a greater amount of sales under $2M compared to last year and increased activity in neighborhoods in east and south Brooklyn.
• Average price per square foot rose 12% year-over-year to $931, pushed higher by appreciating values in traditionally less-expensive neighborhoods.
• Days on market increased 40% year-over-year to 127 days on average, which was above the Brooklyn three-year average and the highest figure since January 2019.