Manhattan And Brooklyn
Manhattan Market Wide Summary
Market Wide Summary Year-over-year, August sales activity amongst 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. The average price per square foot for co-ops also increased by 13% but remained flat for condos. 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 Market Wide Summary
During August, the Brooklyn market experienced a decline in contracts signed, down 9% versus last year. The decline in contracts signed was driven by softening new development sales in South Brooklyn along with diminishing number of sales in Williamsburg likely due to the impending L-train shutdown in 2019. However, Brooklyn price metrics showed mixed trends compared to August 2017. 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. Median sale price fell 8% as market share of sales between $1M and $2M shrunk by more than a third compa red to August 2017. 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 home s sold in August 2018 sold at a discount from the last asking price. Days on market also grew significantly as more slow-selling and expensive residences traded in August 2018, some having been on market for over two years.