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Manhattan Trends:
- Market indicators differed between the Manhattan condo and co-op markets in July with the co-op market faring better than condos.
- Average price was down significantly for condos but up for co-ops year-over-year.
- Average price per square foot increased by almost a third for co-ops, but dropped 13% in the condo market
- Listings, on average, spent a greater number of days on the market for both residence types.
- In line with preceding months, discounts were common across the market as difference from last ask to sale was -2.6% for condos and -2.5% for co-ops.
Brooklyn Trends:
- The overall Brooklyn market in July was marked by consistent inventory levels but slower sales.
- The decrease in co-op listings was counter-balanced by the increase in condo listings. Co-op listings were down 7% versus last July, but there were 9% more condo listings on the market.
- Average sale price increased 5% compared to a year ago. This was the largest year-over-year increase in average sale price so far during 2016.
- However, more buyers negotiated asking prices compared to both last month and last year. This month, the average sale price was 1.45% lower than the average asking price.
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Filed under: Brooklyn Neighborhood News, Featured, 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
