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Manhattan Trends from last quarter:
- Inventory grew during Second Quarter 2016, up 11% from Q2 2015. This was mainly due to an increase in both resale condo and new development listings.
- The median Manhattan sale price stayed at $1.150M in Second Quarter 2016, tying prices seen from last quarter. However, pricing was up 18% compared to last year.
- The average price per square foot also saw a notable increase year-over-year, up 11% to $1,797 per square foot.
- Compared to a year ago, the average days on market rose slightly this quarter. The average days on market for all of Manhattan averaged 97 days, up 5% from last year’s average of 92 days.
Brooklyn Trends from last quarter:
- There were 21% fewer listings on the market during Second Quarter 2016 than during the peak of inventory five years ago.
- This demand has put upward pressure on prices, and new records were set again this quarter. The median price of all Brooklyn apartment sales was $600,000, the highest figure seen since Q4 2009.
- Average price per square foot grew 17% year-over-year to $907 per square foot, surpassing the previous high in Q1 2015 by 7%.
- The length of time between list date and sale date in Brooklyn continued to remain low. Days on market has hovered around 65 days for the past two years.
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