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Manhattan Trends:
- There was a divergence in May sales activity between condos and co-ops, as contracts signed fell for condos but rose for co-ops.
- Pricing metrics for condos were down across the board, with median sale price dropping considerably more than average price, off unusually high figures last year.
- Alternatively, co-op pricing metrics rose over the last year, with average and median price up by double-digits.
- Listed inventory continued to climb, up 22% across all product types. With a total of 8,489 listed units, inventory surpassed April’s figure, and rose to its highest level since November 2011.
- Days-on-market rose for both co-ops and condos, although a steeper rise was seen in the condo market.
- Negotiability remained high, with the difference from last ask to sale for both product types greater than a year ago.
Brooklyn Trends:
- Spring finally arrived and robust contract activity reflected buyer enthusiasm in Brooklyn.
- During May, the Brooklyn market experienced an increase in contracts signed, up 7% versus last year, driven by significant new development sales at Brooklyn Point, Austin Nichols House and 2449 Ocean Avenue.
- Brooklyn’s price metric improved compared to last year due to an uptick in new development sales in Prospect Park South as well as in other neighborhoods in north and central Brooklyn.
- Significant increases in sales over $2M drove both the average sale price and price per square foot up for the fourth consecutive month, up 5% and 10% year-over-year, respectively. However, median sale price decreased 4% as sales shifted towards smaller residences compared to May 2017.
- The difference from last ask price to sale price was 0.4% below the average asking price, nearly level when compared to last year.
- The average days on market figure of 68 was skewed by several homes selling after sitting on the market for over two years.
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