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Manhattan Trends from last quarter:
- 2016 ended much as it began – with a variety of mixed signals indicative of shifting market conditions.
- Average price per square foot was up 6% year-over-year. But its 1% quarter-over-quarter change reflects the steadying of price per square foot since the beginning of the year.
- Median price dropped 8%, and has had declines every quarter since its peak in First Quarter 2016, as fewer large apartments closed.
- The number of closed sales and contracts signed both decreased versus Fourth Quarter 2015.
- However, versus a quiet Third Quarter 2016, the number of contracts signed rose.
- Inventory increased by 16% from Fourth Quarter 2015 to 5,865 active listings. The increase in available inventory, combined with a fall in sales, led to units spending an average of 95 days on the market – a week longer than a year ago.
Brooklyn Trends from last quarter:
- The Fourth Quarter in Brooklyn stayed on trend with the rest of 2016, where the high end of the market expanded and the low end of the market tightened.
- Buyers had more choice of apartments, especially in the luxury sector and in new developments, which throughout the year replenished the shrinking lower priced resale inventory.
- Inventory continued its ascent through the end of the year, growing 13% from Fourth Quarter 2015, however not all segments of the market gained additional listings.
- A factor in the year-over year sales decline was the lack of apartment listings priced under $500,000.
- The result was a quarter that closed out a year of market wide record setting prices, yet with slower sales overall.
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