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Manhattan Trends:
- Closed sales fell by 10% annually. Resale coop sales, down 8%, and a 37% drop in new development sales drove sales lower. In contrast, resale condo sales actually rose, up 2% annually.
- Contracts signed fell 12% annually. Hesitancy about high prices, Midterms, and press coverage of the slowing market muted confidence and lowered contract activity versus last year.
- Days on market increased by 9% annually to 97 days. A crowded marketplace with many sellers trying to cash out has continued to extend time on market.
- Inventory increased a considerable 23% annually to nearly 7,300 listings, which meant that buyers had more than 1,000 additional apartments to choose from versus this time last year.
- Median price increased a minimal 2% year-over-year – due namely to shifts in the composition of sales in favor of larger residences enabled by improved seller negotiability and prevalent discounting.
- Average price per square foot fell for the third quarter in a row to $1,687 per square foot. This figure, down 3% year-over-year, is now 12% lower than its First Quarter 2017 peak.
- The West Side posted the greatest average price increase of any submarket, rising 10% annually as the share of transactions along 57th Street and Central Park South doubled.
Brooklyn Trends:
- Following one of the most active quarters in recent years, Q3 sales activity in Brooklyn varied widely across neighborhoods and product types.
- Robust activity continued as value-seeking buyers pushed further afield in the borough, yet signs of buyer hesitancy emerged in other areas.
- Market activity was muted in northern and western parts of Brooklyn – where prices remain high.
- Buyers were particularly resistant to purchasing in Williamsburg as the L-train suspension date draws nearer.
- On the other hand, neighborhoods on the southern and eastern edges of Prospect Park, which offer value relative to the borough-wide price figures, saw a surge in sales at such a rate that inventory could not keep pace.
- Inventory continues to be constrained market wide; dipping 2%year-over-year and declining annually for six of the past seven quarters.
- Half the neighborhoods in Brooklyn had an increased number of listings compared to last year, but the gains were offset by the sharp decline in inventory in southern parts of the borough.