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- November marked significant improvements in the Manhattan condo market, but the co-op market lagged.
- Condo signed contracts were up 8% from last year and 9% from last month, but co-op sales dipped 9% versus November 2015.
- Average price-per-square-foot rose a modest 3% in the condo market but dipped nearly 20% in the co-op market.
- Listings, on average, spent more time on the market than this month last year, driven by annual inventory increases over the past few months.
- This rise in inventory contributed to increased negotiability favoring the buyer – in both the condo and co-op markets
- November was a strong month for sales in Brooklyn compared to October.
- Contracts rose 12% month-over month, in contrast to the past five years’ trend of sales activity declining in November versus October.
- Average and median sale price dipped versus last month and last year overall, and the market experienced annual price-per-square-foot declines as well.
- Contributing to lower prices were fewer sales in Williamsburg, as well as a lower market share of new development sales overall.
- 38% of sales were negotiated, compared to more than 40% last month and last year.
- Average days on market was 10% higher year-over-year but lower than last month.
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