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- In Manhattan, contract activity in August dropped year-over-year, as sales of condos and co-ops both fell.
- Pricing metrics for condos and co-ops saw mixed results in August, as average sale price increased by double digits for each, while median sale price declined for co-ops, but increased for condos.
- Similarly, price per square foot for condos saw a rise in pricing – while co-ops saw a slight drop in pricing.
- For condos, an increase in inventory was met by a surprisingly large reduction in days on market. Meanwhile, co-ops saw both days on market and inventory increase.
- Negotiability remains prevalent in both markets, though condos saw lower discounts than a year ago, while co-ops experienced a slight increase in average discount.
- During August, the Brooklyn market experienced its seventh consecutive month of annual sales increases, up 6% versus last year.
- While the average sale price remained level versus last year, the average price per square foot figure experienced a modest increase, up 3%. Meanwhile, the median sale price increased 7% year-over-year to $975,000.
- The difference from last asking price to sale price was 1.6% below the average asking price, as 44% of apartments sold below ask, the highest share since February 2017.
- New listed apartment inventory saw a 30% increase from August 2016, led by introductions at new developments such as The Greenpoint, 2100 Bedford Avenue and The Aaron.
- The average days on market figure of 61, while up year-over-year, still indicates a very competitive market in Brooklyn.
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