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Manhattan Trends:
- Overall, sales were down 14% year-over-year, with declines in both the condo and co-op markets.
- Pricing was also down year-over-year across the market, with average sale price for condos down 7% and average sale price for co-ops down 19%.
- Average price per square foot across both condos and co-ops decreased 5% year-over-year, with the greatest decline occurring in three+ bedroom condos.
- The market is continuing to see a rising percentage of contracts signed below asking price, indicating that more buyers are finding the opportunity to negotiate.
Brooklyn Trends:
- April was the first month of 2016 in which average and median price both increased year-over-year.
- Average price per square foot rose 13% versus the same time a year ago and was the highest figure seen since February 2015.
- Despite a 9% increase in inventory relative to April 2015, contract activity dipped 16% but held nearly steady with last month.
- 34% of sales were below asking price – compared to 28% of sales a year ago – leading to an overall average sale price of -0.2% under ask.
- Time from list date to contract date was 43 days, 5% longer than last year but below the average of 55 days during the past twelve months.
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Filed under: Brooklyn Neighborhood News, Home Buyers and Sellers, New York City Neighborhood News Tagged: manhattan apartment, manhattan co-op, Manhattan condo, Manhattan Real estate, manhattan real estate agent, New York city apartment, New York City Real estate
