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Manhattan Market-wide Trends:
- Following a lower-performing August than expected, pricing in the Manhattan market came back strong in September. The increase in prices is largely due to an increase in the number of sales over $3M, which more than doubled compared to last month and was up 40% versus last year.
- For the first time since January, September saw year-over-year gains in contracts signed in both the condo and the co-op markets.
- Inventory continues to replenish with the largest number of new listings since May 2012 and the largest annual increase in total listings in over five years.
- Average discount from asking price is up slightly for both condos and co-ops, but smaller than the discounts given a year ago.
- Average price and median price experienced strong year-over-year gains in Brooklyn this September with 17% and 21% increases, respectively.
- The length of time from list to sale continued to shrink, decreasing by 21% compared to last September. 74% of buyers paid at or above asking price in September.
- Total available inventory in Brooklyn increased 18% versus a year ago while new listings increased 46% year-over-year. September 2014 had the highest amount of newly listed inventory since August 2011.
- 38% of sales in September were townhouses, a majority of which were in South Brooklyn.