- Market-wide: On a longer range view, average price and average price per square foot have remained relatively steady over the last six months, reflecting stabilization following record-breaking price growth during 2013.
- Condos: The average price was up a significant 23% since last May 2013, continuing an eleven-month trend of annual price growth. Average condo price has remained between $2.3MM and $2.6MM over the last six months.
- Co-ops:The co-op market experienced solid price gains over last year with a 6% increase in average sale price, a 5% increase in median sale price, and a 2% increase in price per square foot. Days on market fell relative to both last year and last month to just 75 days, which is the shortest
average time to sell a co-op unit in over five years.
- Brooklyn continued to show strong growth as the average sale priced increased 13% and the average days on market decreased 40% year-over-year.
- In May buyers paid on average 5.0% over last asking price with 62% of contracts signing above asking price and 16% signed at asking price.
• Year-over-year the number of contracts signed decreased by 19%.
• Year-over-year contracts signed decreased by 17%, but month-over-month saw a 5% increase.
• Total available inventory in Brooklyn increased 14% versus last month and by 3% versus last year. There were 21% more new listings compared to last month, but 44% less than April 2013.
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