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Manhattan Trends from last quarter:
- The first quarter often sets the tone for the rest of the year and this quarter demonstrated the Manhattan market is off to a positive start in 2017.
- Contract activity increased year-over-year for the first time in six quarters, registering a 3% increase versus First Quarter 2016 and a 5% increase versus last quarter.
- In First Quarter 2017, buyer and seller expectations continued to adjust, as buyers who chose to hold off on purchasing in 2016 came back into the market.
- At the same time, many sellers adjusted to current market conditions and prices in order to sell their properties.
- These factors worked in tandem to fuel improved activity in the early part of this year.
Brooklyn Trends from last quarter:
- Spring came early to Brooklyn as First Quarter 2017 was the strongest first quarter in six years in terms of sales.
- Improved consumer sentiment and the expectation of rising interest rates on the horizon motivated buyers.
- This quarter also continued the streak of year-over-year price gains seen throughout 2015 and 2016.
- Demand for new developments, particularly larger residences at price points rarely offered in Manhattan, drove overall prices higher.
- There were 7% more closed sales compared to a year ago, but not all apartment types trended equally.
- Sales of resale condos and new developments increased from First Quarter 2016, while sales in the resale co-op market actually declined.
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