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Manhattan Trends:
- Manhattan contracts signed have fallen overall since the beginning of the year, and April saw that trend continue, as contracts were down 14%.
- A series of holidays and school breaks on consecutive weeks during the month may have caused this decline.
- Average price and average price per square foot were up in both the co-op and condo markets.
- However, listings spent more time on the market across both categories, continuing a trend that has persisted throughout the last year.
- Nevertheless, negotiability decreased marketwide as fewer sales closed below ask.
- Inventory grew in the condo market, but fell for co-ops.
Brooklyn Trends:
- During April, the Brooklyn market experienced a 15% increase in overall contract activity versus last year.
- Median and average sale price both experienced a drop year-over-year, by 6% and 1%, respectively, due to fewer sales above $1 million.
- The average price per square foot fell 3% year-over year to $871 per square foot as all bedroom types – except for studios – experienced price drops versus last year.
- The average price per square foot fell 3% year-over year to $871 per square foot as all bedroom types – except for studios – experienced price drops versus last year.
- The days on market figure of 50, while up year-over-year, still indicates a tight market in Brooklyn.
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