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- In February 2016, contract activity was down year-over-year in both the condominium and co-op markets.
- However, condominiums and co-ops alike saw year-over-year gains in average price and average price per square foot.
- The length of time from listing to sale increased moderately in both the condominium and co-op markets compared to last February.
- Listed condominium inventory increased 15% over last year.
- With this increase in options, condominium buyers were more successful at negotiating the purchase price downwards compared to last year.
- In contrast, negotiability remained nearly non-existent in the increasingly constricted co-op market.
- In February 2016, the average price, median price, and average price per square foot were all lower versus last February.
- The year-over-year comparison was skewed by a downward shift in the market share of sales over $2M.
- Last year, sales over $2M accounted for 13% of sales, while this year just 4% were above this threshold.
- Contract activity dipped 18% versus last February; this double-digit decline has not been seen in nearly two years.
- Inventory was up 8% from last year but even with more choices for buyers, negotiability remained very tight.
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