June 2017 Manhattan and Brooklyn Sales Market Report

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Manhattan Trends:

• • The summer started off with level condo contract activity but a decline in co-op sales.
• Average sale price experienced a modest decline for condos and co-ops, and average price per square foot dropped around $100 in both the condo and co-op markets. However, median price rose notably compared to last year.
• Inventory rose slightly over the last year for both condos and co-ops, as steady contract activity has failed to make any significant impact on inventory.
• Negotiation continues to remain prevalent, with the discount from last ask continuing to hover around 3% for condos, and 1% for co-ops.
• There was an increase in average days on market for both condos and co-ops

Brooklyn Trends:

• During June, the Brooklyn market experienced its fifth consecutive month of annual sales increases, up 11% versus last year.
• However, median and average sale price experienced modest drops year-over-year, by 2% and 4%, respectively.
• The number of homes which sold at a discount fell to a twelve-month low of 33%, indicating that sellers were more realistic with pricing expectations.
• As fewer homes sold below asking prices, the difference from last asking price to sold price was actually 0.2% above the average asking price, driven by several townhouses selling after multiple offers.
• The days on market figure of 61, while up year-over-year, still indicates a very competitive market in Brooklyn.

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