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- Summer 2016 wrapped up with year-over-year decreases in sales and average price across the market.
- Contracts signed decreased by approximately 20% for both condos and co-ops versus last August.
- Average sale price was down year-over-year for both condos and co-ops, while median sale price was down for condos but rose in the co-op market.
- Condos spent more time on the market compared to last year and last month but co-ops, on average, sold more quickly than last August.
- Discounts for condos and co-ops grew from last year, partially due to increased inventory in both markets.
- During August the Brooklyn market experienced its fifth consecutive month of annual sales declines.
- Average and median prices declined 4% and 6% year-over-year, respectively, and also dropped month-over-month. The drop in prices can be attributed to sales at Vue in Sheepshead Bay, which claimed 20% of sales this month.
- Further, 40% of sales were negotiated, versus just 35% of sales last August.
- Studio and one-bedroom average price per square foot were both 3% below last year’s figures. Two-bedrooms posted a 14% drop in price per square foot due to the large number of two-bedroom sales in the Vue. Average price per square foot of three + bedroom residences rose 16% due to several high-priced townhouse sales.
- Days on market was down 38% to a sixteen-month low.
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