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- December 2015 was a comparatively slow month for Manhattan residential real estate, with both condo and co-op sales down vs. the same time the year prior.
- Average sale price held steady in the condo market but declined by 5% in the co-op market versus last year, reflecting an increase in sales of smaller co-op residences.
- Average price per square foot rose moderately in the condo market and grew a substantial 18% in the co-op market. With the exception of two-bedroom condo units, all apartment sizes in Manhattan experienced price per square foot growth.
- The co-op market continued to tighten in December 2015, with total listings down 10% versus last year, dragging overall listed inventory below the December 2014 figure – in spite of the 6% increase in condo inventory.
- There were 5% more sales in Brooklyn during December 2015 relative to a year earlier, but in a typical seasonal trend, activity was 24% lower than November.
- Tight market indicators include low inventory, a low average days on market figure, and very little room for negotiating asking price.
- The market-wide median price increased 5% compared to both November 2015 and December 2014.
- The average sale price was nearly $1.3M in December 2015, 18% higher than the year prior.
- Average price per square foot, while 7% higher than December 2014, dipped versus November. This was partially due to the market share increase of townhouse sales month-over-month, which often have a lower price per square foot than apartments.
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