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- January 2016 was a slow month for Manhattan residential real estate, with declines in contracts signed in both the condominium and co-op markets.
- Year-over-year, condo signings declined 17% compared to this time last year, while co-op signings declined 19%.
- Both markets experienced gains in price per square foot, with condo prices up by 5%, while the co-op price per square foot increased 18%.
- Condominium inventory continues to increase, with listed inventory up month-over-month and year-over-year, while co-op listings declined year-over-year for the fourteenth consecutive month.
- To start off 2016, Brooklyn sales were 3% higher than January 2015. Inventory remained level with last January and was up slightly from December in preparation for the spring selling season.
- Market-wide median price and average price declined relative to last month and last year. This was mainly due to an increased proportion of studio and one bedroom sales in January, as well as a larger share of co-ops being sold.
- Average price per square foot rose 3% year-over-year despite a drop in average price as the average apartment size sold this month was 18% smaller than last year.
- On average, 1.36% is being negotiated off the asking price. In January 2015, 31% of buyers paid below ask, while 42% of buyers paid below ask last month.
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