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Manhattan Trends:
- Year-over-year, August sales activity for condos and co-ops decreased 9% and 4%, respectively.
- Pricing metrics for condos varied – as average price remained nearly unchanged and median price decreased 7%.
- Co-ops saw across the board increases in price figures with average and median price increasing by 8% and 13%, respectively.
- Listed inventory for condos rose 9%, and co-op inventory rose 29%. Co-op listed inventory was at its highest level of any August since 2012.
- Average days on market for condos increased significantly as listings lingered and buyers waited for better deals.
- Negotiability was up year-over-year for both product types, as higher inventory and less buyer urgency continues to drive up that figure.
Brooklyn Trends:
- During August, the Brooklyn market experienced a decline in contracts signed, down 9% versus last year.
- This downturn was driven by fewer new development sales in southern Brooklyn along with a diminishing number of sales in Williamsburg (likely due to the impending L-train shutdown in 2019.)
- However, average sale price improved by 12% versus last year, driven by the shift in market share of sales towards larger residences priced above $2M – including three Pierhouse sales all above $4.5M.
- Nonetheless, these larger apartments did not translate to a higher price per square foot, in fact a majority of the homes above $2M sold at a discount from the last asking price, which drove August 2018’s average price per square foot figure down 1% year-over-year.
- The difference from last ask price to sale price was -2.8%, steeper than the previous month’s record high, as more than half of homes sold in August 2018 sold at a discount from the last asking price.
- Days on market also grew significantly as more slow-selling residences traded in August 2018, some having been on market for over two years.
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