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Manhattan Trends:
- Overall sales in the Manhattan condo and co-op markets were both down by double digits compared to last year, however contract activity in both markets improved from last month’s numbers.
- Year-over-year average price was up for condos but down for co-ops, whereas median price declined in both markets by 15% and 5%, respectively.
- In the condo market, the overall average price per square foot rose 13% from last year – while it fell 5% for co-ops.
- Listings are spending more time on the market than last year while negotiability was more common.
- Overall listings increased year-over-year, which contributed to the increased amount of negotiability.
Brooklyn Trends:
- October contract activity in Brooklyn was lower year-over-year, as seen in seven of the past ten months so far this year.
- Overall sales were down 14% compared to the same month last year, but up from September which is a typical seasonal trend.
- Average price and average price per square foot both rose by double-digits compared to last month and last year.
- Average price per square foot rose 15% year-over-year and reached $923 per square foot, the highest on record.
- Average days on market dropped by 7% year-over-year to 56 days. Average time from list to sale has been 60 days or less each month for the past year.
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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
