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Manhattan Trends:
- In Manhattan, condos saw a slight dip in contract activity while co-ops experienced a notable rise as compared to last October.
- Pricing metrics saw mixed results, with median price experiencing double-digit percentage increases for both condos and co-ops, while average price fell for condos, but rose for co-ops.
- Price-per-square-foot increased for co-ops, but dropped 7% for condos, driven mainly by a drop in price-per-square-foot for larger two- and three-bedroom homes.
- Listed inventory rose compared to last year for both condos and co-ops, but dropped over the last month for condos.
- Average days on market decreased notably for both housing types, falling 15% for condos and 9% for co-ops.
- Negotiability remained high for condos, which saw average discounts of 2.7%. Meanwhile, co-ops saw negotiability decrease in conjunction with an increase in sales.
Brooklyn Trends:
- During October, the Brooklyn market experienced its ninth consecutive month with an annual increase in sales, up 8% versus last year.
- The average and median sale price rose 6% and 3%, respectively.
- Average price-per-square-foot was $891, down 4% from the record high a year ago. This was driven by double-digit declines in the studio and three+ bedroom categories.
- Negotiations were more prevalent than both last month and this time last year, as the average Brooklyn home sold for 1.8% less than the last asking price.
- Newly-listed inventory saw a 30% increase from this time last year, led by introductions at new developments such as 211 Schermerhorn Street and 554 Fourth Avenue.
- The average days on market figure of 73, while a record high since 2014, was skewed by a handful of homes that finally sold after sitting on the market for almost a year.
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