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Manhattan Trends from last quarter:
- Manhattan pricing in Third Quarter 2016 was up for nearly all metrics compared to a year ago, but down slightly from highs reached over the last few quarters.
- The median sale price in the borough was level with last quarter at $1.100M, and up 10% year-over-year. The most recent quarter’s figure was down slightly from the record high of $1.150M reached in First Quarter 2016.
- Third Quarter 2016 closed sales were down year-over-year in both the resale and new development markets, and in every submarket. The overall drop was 17%, to 3,418 closings.
- Manhattan inventory reached 5,860 units during the most recent quarter. This was a 21% increase versus Third Quarter 2015, the fourth consecutive quarter of year-over-year growth.
Brooklyn Trends from last quarter:
- The demand for home ownership in Brooklyn continues to put upward pressure on prices in all areas of the borough. Several price metrics in Third Quarter 2016 grew year-over-year to register eight-year highs.
- There were 1,162 closings in during the third quarter, 19% lower than last year but level with the trailing five-year average.
- Overall inventory increased year-over-year for eight of the nine past quarters. There were 2,236 listings available during Third Quarter 2016, 7% more than last year.
- New development listings increased by 40% year-over-year, which helped contribute to a 24% rise in inventory priced over $2,000,000.
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