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Manhattan Trends:
- Contract activity in September increased slightly year-over-year for condos, and stayed nearly level for co-ops.
- Pricing metrics for condos and co-ops declined across the board in September, as median sale price for condos saw double-digit declines compared to last year.
- Price per square foot dropped for both condos and co-ops as well, with the decline slightly greater for co-ops.
- September saw the highest inventory levels of any month over the last year – for both condos and co-ops.
- Days on market increased over the past year as well, as condo units spent on average eight more days on the market, whereas co-ops saw a more significant 12-day rise.
- Negotiability has become more prevalent over the last year, with both condos and co-ops seeing deeper discounts than a year ago.
Brooklyn Trends:
- During September, the Brooklyn market experienced the eighth consecutive month with an annual increase in sales – up a significant 31% versus last year.
- The average and median sale price experienced a modest 4% and 3% gain, respectively. Average price per square foot figure was $820, a slight increase of 1%.
- The difference from last ask price to sale price was 1.1% below the average asking price, as 36% of apartments sold below ask.
- Newly listed apartment inventory saw a 14% increase from September 2016, led by introductions at new developments such as The Greenpoint.
- The days on market figure of 55, while up year-over-year, still indicates a very competitive market in Brooklyn.
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Filed under: Brooklyn Neighborhood News, Featured, Home Buyers and Sellers, New York City Market Reports Tagged: manhattan apartment, manhattan co-op, Manhattan condo, Manhattan Real estate, manhattan real estate agent, New York city apartment, New York City Real estate
