Contact me here for assistance with buying or selling a home in Manhattan.
Manhattan Trends:
- In Manhattan, November sales activity was down year-over-year for both condos and co-ops.
- Pricing increased across the co-op market in excess of 20% for average and median price over last year, while the condo average price declined – and median price only increased slightly.
- Price per square foot rose for co-ops, but fell 2% for condos.
- Continuing the trend of prior months, inventory increased by double-digits versus last year, with co-op inventory growth outpacing condos for the sixth consecutive month.
- Days on market moved by double-digits, but in opposite directions for condos and co-ops, declining for condos, and rising for co-ops.
- Negotiability remained relatively stable for condos, and was nearly level versus last month and last year. Alternatively, co-ops while still having more limited negotiability, saw deeper discounts than last year.
Brooklyn Trends:
- During November, the Brooklyn market experienced its first year-over-year decrease in sales in nine months, down 6% versus last year.
- The average and median sale price rose 19% and 20%, respectively as the number of sales over $2M more than doubled versus last year.
- Average price per square foot was $854, up 5% year-over-year. This was due to an increase in price per square foot for one, two and three + bedrooms.
- Negotiations were only slightly deeper than last year – as the difference from last ask price to sale price was 1% below the average asking price.
- The average days on market figure of 76, while the highest since 2014, was skewed by a handful of homes that finally sold after an extended period on the market.
Click the images above to access the full report