May 2017 Manhattan and Brooklyn Sales Market Report

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

• May was an improved month for condo and co-op sales in Manhattan, as contracts signed of both reached their second highest point in the last year.
• Inventory remained virtually unchanged versus last year, with just a 1% rise overall.
• Every price metric for both condos and co-ops saw annual increases with some significant gains.
• Listings spent more time on the market for both the condos and co-ops, as days on market rose by 10% and 28%, respectively.
• Negotiability was still present market-wide as the average sale was made slightly below ask.

Brooklyn Trends:

• During May, the Brooklyn market experienced a 27% increase in overall contract activity versus last year.
• The average sale price, the median price and the average price per square foot was nearly level with last year.
• The average sale price was 0.5% below the average asking price, a slight shift from a year ago when the average home sold with no discount.
• New listed apartment inventory saw a 29% increase from May 2016.
• The days on market figure of 47, while up year-over-year, still indicates a very competitive market in Brooklyn.

Click the images above to access the full report