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Manhattan Trends:
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The new year kicked off with a handful of positive market shifts – as sales activity in both the condo and co-op market saw annual growth.
- The co-op market saw better metrics, including year-over-year improvements in average price and average price-per-square-foot, growing by 14% and 45%, respectively.
- However, in the condo market – average price, median price, and average price-per-square-foot were down compared to last year.
- Total inventory rose versus January 2016 for both condos and co-ops, while negotiability also grew more pronounced over the same period of time.
- Listings in the co-op market sold faster than in the condo market, where average days on market grew 37% compared to last year.
Brooklyn Trends:
- In Brooklyn, contract activity for the month of January was virtually unchanged over the last year.
- Listed inventory rose 8% year -over-year, driven by the 18% rise in listings versus last year.
- Median sale price remained nearly the same compared to last year, up just 2% from January 2016.
- On the other hand, average price rose 15% year-over-year, skewed by a townhouse asking $16M in Brooklyn Heights.
- Last month the average price difference from last ask to sale was deeper than a year ago, but the discount was primarily due to greater discounts in the townhouse market.
- Increased negotiability corresponded with a slight rise in days on market of 6%.
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