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Manhattan Trends:
- In April, Manhattan contract activity fell again for both condos and co-ops – with condos experiencing a larger drop.
- Co-op pricing metrics declined slightly as compared to a year ago, but remained almost flat compared to last month.
- However, pricing rose considerably for condos, with both average and median sale price up compared to last year. However, this isn’t indicative of an overall market trend, as the average was skewed by several high-priced sales.
- Listed inventory continued to rise, with co-op inventory growing at nearly three times the pace of condos. With a total of 8,204 listed units, total inventory is at its highest point since April 2012.
- Days on market fell for condos despite the rise in inventory – while co-op days on market grew, in line with the increase of listed apartments.
- Negotiability grew for both product types year-over-year, as rising inventory has given buyers more leverage.
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Brooklyn Trends:
- During April, the Brooklyn market experienced its first year-over-year decrease in contracts signed in 2018, ending the previous three consecutive months of year-over-year increases.
- Despite the launch of Brooklyn Point at 138 Willoughby Street and sustained new development sales in South Brooklyn, a decrease in the number of resales drove down overall contract activity by 9% compared to April 2017.
- Brooklyn’s price metrics improved compared to last year due to an uptick in new development sales in Northwest Brooklyn. Average and median sale price figures both improved 3% each compared to last year and were also up compared to the previous month, up 5% and 9%, respectively.
- Average price-per-square-foot reached a new eight-year record high, up 9%, driven by an increase in sales over $2M.
- The difference from last ask price to sale price was 0.2% above the average asking price, slightly higher when compared to last year.
- Given the decreased negotiability for buyers in the sale process, days on market was 4% shorter year-over-year – standard for when market conditions favor sellers.
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