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Manhattan Trends:
- Closed sales declined 14% annually versus Second Quarter 2017. All product types experienced annual decreases in closed sales.
- Contracts signed declined 9% annually. High levels of supply, hesitancy about future prices and tax consequences continue to affect buyer urgency.
- Days on market increased 13% annually. Higher inventory levels have given buyers more options, and have extended marketing times.
- Median price decreased 3% annually due to an increase in market share of sales at the mid-to-lower end of the market (under $3 million).
- Average price per square foot was essentially level with last year, as price growth at the lower end of the market balanced fewer luxury new development sales.
- Downtown had the greatest market share of any sub-market, claiming 30% of all closed sales. It was the neighborhood which also claimed the greatest number of closings over $5 million.
Brooklyn Trends:
- Brooklyn exhibited varied market signals this quarter – as buyers continued to endure supply constraints at lower price points and sellers experienced tempered demand at the high-end.
- Closed sales reached its second highest figure in a decade, though only half the borough – the less expensive half – experienced increased sales.
- Contract activity fell 7% annually, hindered by persistently low inventory levels.
- Closed sales rose 5% versus a strong Second Quarter 2017 to 1,620 closings.
- The overall gain in sales was driven by resale co-ops, with a 13% uptick, and new development closings, which rose 12%.
- Both these markets currently offer value; co-op median price displayed only modest gains and new development price statistics declined annually for the fourth consecutive quarter.
- Price statistics were dictated by high-end buyer hesitancy as well as ongoing geographic shifts in favor of neighborhoods offering value in a price-sensitive climate.
- Resale condo sales plunged 11% as not enough buyers were incentivized from a price perspective compared to new product.