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Manhattan Trends:
- In February, Manhattan contracts signed trended downward year-over-year for the third consecutive month.
- Pricing metrics for condos were varied, as average price rose compared to last year, while median price fell. Meanwhile, pricing metrics for co-ops saw gains, with average and median price both increasing more than 25%.
- Average price-per-square-foot was up for both condos and co-ops. For condos, the figure hit $2,179 – while it reached $1,515 for co-ops.
- Listed inventory continued to rise, with co-ops seeing more than double the increase of condos.
- Days on market declined dramatically for condos, but rose substantially for co-ops.
- Negotiability increased for both product types when compared to last February, but declined month-over-month.
Brooklyn Trends:
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- During February, the Brooklyn market experienced an increase in contracts signed, up 9% versus last year, driven by strong new development sales in southern Brooklyn.
- However, because sales in less-expensive areas of southern Brooklyn were up this month, the borough’s average and median sale price experienced double-digit declines of 12% and 19%, respectively.
- Average price-per-square foot remained unchanged versus February 2017 at $882, but it was up 9% from January.
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- The difference from last asking price to sale price was 1% below the average asking price, an improvement from the figure a year ago.
- The average days on market figure – of 105 – was skewed by a few high-priced homes selling after sitting on the market for over two years.
- During February, the Brooklyn market experienced an increase in contracts signed, up 9% versus last year, driven by strong new development sales in southern Brooklyn.
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